Two-thirds of new businesses registered in the electronic form
Two-thirds (67.2%) of individuals engaged in self-employed business (65 799), were registered last year in electronic form.
According to official data of the Ministry of Economic development of local business in 2012, the most favorable conditions for business development were in Baku - the capital city had 36.4% of registered businesses.
Below (in descending order) the situation is as follows: in the Aran economic region there were registered 18.4% of new entrepreneurs, in the Ganja-Gazakh economic region - 11.5%, in the Absheron economic region - 7.4%, in Lankaran - 6.9%, Shaki-Zagatala - 5.8%, and so on.
According to the Ministry of Economic Development on January 1, 2013, all the country recorded 432,141 individuals engaged in self-employed business, of which 83% were males and 17% - females. - 17D-
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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