In the first nine months of this year on the territory of Azerbaijan on the route Europe-Caucasus-Asia (TRACECA) 5.5 million tons of transit cargo was transported. Cargo traffic decreased by 23.2%, the State Statistics Committee told Turan.
During this period, traffic agencies gained income of 136 million manat from transit, which is 51.1% more compared to the 9 months of 2015. This is due to the double devaluation of the national currency. As a result of the devaluation of the manat currency conversion has a positive effect on the income state-owned companies of railway and water transport.
According to SSC, in January-September CJSC Azerbaijani Railways gained 63.6 million manat (+ 66.2%) from freight transit and CJSC Azerbaijan Caspian Shipping Company gained 72.4 million manat (+ 40%).
Azerbaijan pins great hopes on the growth of transit cargo transportation by international transport corridors (TRACECA, North-South, South-West) and builds the capacity of transit infrastructure. ----08B
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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