Twelve State Standards Adopted
The State Committee for Standardization, Metrology and Patents has approved 12 new national standards (http://goo.gl/RMZuqA), which were developed on the basis of international, European and Russian standards.
Most of the new standards are relating to the requirements for food products (pomegranates, wheat flour, olive oil, butter, chocolate and chocolate products, and soft and low-alcohol tonics). They also define the requirements for consumer information on food products, food hygiene, and allowable concentrations of veterinary drugs in food products.
The standard requirements for profiled and direct fiber-cement sheets have been also adopted. These industrial products recently have been widely applied in the facing of buildings. In the near future a new fiber cement plant of the group of companies Synergy Group JSC will be put into operation. ---08D
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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