III International Festival of Wine will be held in Ganja, 30 September - 1 October, the report from Azerbaijan Fund Export and Investment Promotion (Azpromo) reads.
What are the achievements of the country for the event? This year the State Statistical Committee has not released a report, but at the end of 2013 there were 110 enterprises (in 2012 there were 127, in 2009 - 136), engaged in the production of beverages, including alcohol. The share of the beverage industry was 207 million manat (+32 million since 2012 and all-time record in this area). Wines were produced in 835.5 deciliters (previous year - 1063), while vodka was made in 844.9 deciliters (696.7 in 2012).
Exports are oriented to the Russian market which is largest in the region in this area. Local entrepreneurs are investing a lot of money for a significant increase in the quality of products that can be seen in local stores. --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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