Moody's Ratings has affirmed the Government of Azerbaijan's issuer and foreign currency senior unsecured ratings at Ba1 and changed the outlook to positive from stable.
Economy2- Page
Azerbaijan’s drive to boost its non-oil and gas businesses came to Brussels with opportunities for Foreign Direct Investment highlighted by Yusif Abdullayev, Executive Director of AZPROMO, the country’s export and investment promotion agency. His schedule included an address at the European Institute for Asian Studies (EIAS) and a networking event with Belgian business leaders at the Embassy of Azerbaijan.
During the Milli Majlis discussion on the bill "On the Execution of the State Budget of the Republic of Azerbaijan for 2023," Finance Minister Samir Sharifov announced the possibility of nearly doubling Azerbaijan's external public debt to $10 billion, which left experts puzzled.
Since its victory in the Second Karabakh War with Armenia in 2020, the Azerbaijani government has begun a massive reconstruction of the former war-torn region.
The European Bank for Reconstruction and Development (EBRD) is providing a financing package to AccessBank to support the development of micro, small and medium-sized enterprises (MSMEs) in Azerbaijan.
According to a report by Fitch Solutions, faster and cheaper trade routes will provide Azerbaijan with access to the technologies and expertise necessary to diversify its non-hydrocarbon economic sectors.
The Azerbaijan-Kazakhstan Investment Fund is expected to begin operations soon with an initial capital of $300 million.
According to the forecasts of the rating agency, by the end of 2024, the GDP per capita in Azerbaijan will increase to $7,364.82.
Azerbaijan farmers plan to scale up operations and launch broiler meat exports to Middle Eastern countries and Russia, Myurvyat Hasanli, head of the Azerbaijan Poultry Association, told a local news outlet, Sputnik.
Azerbaijan intends to participate in many investment projects in Congo, primarily in the agricultural sector.
The working visit of President of Azerbaijan Ilham Aliyev to Germany, to attend the Munich Security Conference in February, was marked by significant negotiations with the managing director of the German Eastern Business Association, Michael Harms.
The Azerbaijan-Kyrgyzstan Development Fund is considering project proposals for $80 million in total, Almaz Mambetov, Chairman of the Fund, said at the meeting of the Parliament Committee for International Affairs, Defense, Security and Migration.
The European Investment Bank (EIB) has allocated a credit line of 10 million euros to Azerbaijan.
HE the Governor of Qatar Central Bank, Sheikh Bandar bin Mohamed bin Saoud al-Thani met Taleh Kazimov, Governor, Central Bank of Azerbaijan, along with the accompanying delegation.
A business delegation led by Executive Director of the Eastern Committee of the German Economy Michael Harms is on a business visit to Azerbaijan.
Azerbaijan, a country rich in natural resources located in the South Caucasus region, continues to remain an attractive destination for investment due to its strategic location, favourable business climate, and rapidly developing non-oil and gas sector.
In January 2024, Azerbaijan's economy saw a 5 percent growth, with its gross domestic product (GDP) reaching 9,131 million manats. This represents a 5 percent increase from the same period the year before.
"In the long and glorious history of the Armenian customs police, never before has such a massive surge in goods shipments from the EU been successfully processed."
The EBRD is an important institutional investor in the Caucasus and Central Asia. In Azerbaijan, the Bank has invested more than €3.6 billion in 189 projects to support the country’s economic diversification.
The head of the State Service for Property Issues under the Ministry of Economy of Azerbaijan, Matin Eynullayev, announced the preparation of proposals for the sale of state-owned shares in major companies to private investors in 2024.
Azerbaijan is gearing up to substantially enhance its non-oil exports, setting an ambitious target of $5 billion by 2026.
In January-November 2023, Azerbaijan produced a GDP of 123 billion manats ($72.37 billion) or 1.1% more year-on-year.
The import and sale of wheat, as well as the production and sale of wheat flour and bread in Azerbaijan, have been exempted from taxation for an additional three years.
In November alone, the export of non-oil products amounted to $321.85 million, which is 6.2% more than a year ago.