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XV Verona Eurasian Economic Forum opens in Baku
Baku/24.10.22/Turan: The two-day XV Verona Eurasian Economic Forum named "Eurasia on the Way toward a New Geopolitical and Socio-Economic Order: the Transition to a New Human-oriented Economy" began its work at the Baku Congress Center.
On the first day of the forum, its participants are going to discuss global energy challenges and European energy security issues, the role of business in global geopolitics, as well as prospects for economic cooperation in the space from the Atlantic to the Pacific Ocean.
Among the organizers are the non-profit association "Know Eurasia", the Roscongress Foundation, the St. Petersburg International Economic Forum with the support of the Ministry of Economy of Azerbaijan.
Besades, the forum will host a special session dedicated to Azerbaijan, where experts will discuss the prospects and opportunities for the country and its growing economy.
The forum is attended by Azerbaijani Deputy Prime Minister Shahin Mustafayev, Minister of Economy of the Republic of Azerbaijan Mikail Jabbarov, Deputy Prime Minister of the Russian Federation Alexey Overchuk, Minister of Economics of the Russian Federation Maxim Reshetnikov, Chairman of the Board of Directors of "Rosneft" Igor Sechin, as well as a number of other high-ranking officials. -0-
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- Finance
- 27 October 2022 11:17
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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