Economy of Azerbaijan

President Recep Tayyip Erdoğan has traveled to Uzbekistan to participate in the Economic Cooperation Organization (ECO) Summit, according to an announcement from the Communications Directorate.

During his visit, Erdoğan is set to address the summit session on Nov. 9 and engage in bilateral meetings with other leaders attending the event.

If after June 10 there is no adopted budget for the year or a new extension of last year's budget, the state will only be able to spend as much as it collects. This becomes clear in the response of the Bulgarian Ministry of Finance after a question from the National Radio whether, in the worst case scenario, there will be funds for pensions and salaries in the public sector.

The President of the Republic of Azerbaijan Ilham Aliyev is arriving in our country tomorrow at the invitation of the Bulgarian Head of State Rumen Radev.

The two will attend the official opening of an office of the State Oil Company of the Republic of Azerbaijan (SOCAR) in Sofia.

The countries of the European Union Italy, Greece and Bulgaria have imported natural gas from Azerbaijan for 1.6 billion euros in January 2023, Interfax-Azerbaijan reported.

Discussions on the proposal to establish a Disaster Reconstruction Fund were held at the General Assembly of the Parliament and the proposal was enacted into law.

Turkish Foreign Minister Mevlüt Çavuşoğlu is in Turkmenistan to attend the 25th Meeting of the Council of Ministers and 15th Summit of the Economic Cooperation Organization (ECO) and to hold bilaterals on Nov. 26-28.

Çavuşoğlu on Nov. 26 met with Turkmenistan's Foreign Minister Rashid Meredov. The minister discussed President Recep Tayyip Erdoğan's visit and the ECO summit.

Turkish Petroleum Corporation (TPAO) and the State Oil Company of the Azerbaijan Republic (SOCAR) could work together in field development and production of Turkey's giant gas discovery in the Black Sea, Vagif Aliyev, deputy chairman of SOCAR Turkey told reporters.

SOCAR has been investing and collaborating with Turkish Petroleum Corporation since 1994.

As many as 55 of the 57 measures to support the business environment proposed by the Ministry of Economy, Entrepreneurship and Tourism (MEAT) through the programme assumed by the governing alliance were not implemented by the relevant ministry, the president of the National Council of Small and Medium Private Enterprises of Romania (CNIPMMR), Florin Jianu, said on Monday in a press conference.

Turkey's Teknopark Istanbul and Azerbaijan's Innovation Agency on March 9 signed a memorandum of understanding for cooperation in the field of high technologies,

According to a statement by Teknopark Istanbul, a technology development zone, the joint high-technology zones are planned to be established under the deal.

There is potential for cooperation between Turkey, Turkmenistan and other countries in the region on energy, economic relations, transportation and logistics, Turkey's foreign minister said on March 6.