Will Azerbaijan become "all-union vegetable garden" again?
Azerbaijan returns the status of the "All-Union vegetable garden." Local agricultural products throughout the year in large volumes will be on service of Russian consumers. Yesterday the co-chairs of the intergovernmental commission on economic cooperation, First Deputy Prime Minister Yaqub Ayyubov and Deputy Prime Minister Dmitry Rogozin, agreed about that. Official Baku was represented by the Minister of Economy and Industry Shahin Mustafayev and Agriculture Minister Heydar Asadov.
As Turan was told in the MEI, head of economic department raised the issue of the opening Azerbaijani logistics centers in Russia at the expense of resources of the republic, which would deploy network storage not only in Moscow or St. Petersburg, but also in all regions of Russia. According to the minister, the national business is willing to invest substantial investments in promising business.
According to experts of the agency, the expansion of the range and volume of local agricultural products to the Russian market does not depend on resolution of technical issues, including standardization, certification or logistics. The presence of Dmitry Rogozin at the talks determines the military and political acquiescence of Azerbaijan, while market mechanisms are of minor importance in this situation. -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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