Yekaterinburg Hosts Russian-Azerbaijani Inter-regional Forum
The sixth Russian-Azerbaijani inter-regional forum Russia-Azerbaijan Interregional Dialogue 2015 is held in Yekaterinburg today.
The event has been organized by the Ministry of Economic Development of the Russian Federation and the Azerbaijan Ministry of Economic Development.
The forum is attended by representatives of relevant ministries and departments, regional authorities, experts, and businesses of the two countries. Its work also involves the Russian Economic Development Minister Alexei Ulyukayev and his Azerbaijani counterpart Shahin Mustafayev.
During the meeting the results and prospects of inter-regional cooperation in the fields of industry, transport, agriculture, tourism and investment are discussed. --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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