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Azerbaijan aims to double average annual economic growth rate to 7%

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Azerbaijan sees economic growth rebounding this year as it emerges from a Covid-19-induced slump and the war with neighboring Armenia that restored its control over formerly occupied territories, Economy Minister Mikayil Jabbarov said in an interview with Bloomberg.

According to Jabbarov, Gross domestic product is forecast to increase by 3.4% after contracting 4.3% in 2020.

He also stressed that the estimates of international organizations on Azerbaijan’s economic development are optimistic: “The World Bank predicts Azerbaijan’s economy will grow 1.9% this year, and the IMF forecasts a 2% expansion.”

The minister added that by 2030, Azerbaijan aims to double the average annual economic growth rate to 7%.

Jabbarov also noted the start of the COVID-19 vaccination in the country, and he believes the closed sectors of the economy will develop.

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President of Azerbaijan makes speech at virtual Summit of Economic Cooperation Organization

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The 14th Summit of the Economic Cooperation Organization (ECO) is being virtually held.

Report informs, citing Azertag, that President of the Republic of Azerbaijan Ilham Aliyev made a speech at the meeting in a video format.

The meeting continues.

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40 containers shipped from Uzbekistan to Turkey via BTK

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ADY Container, a subsidiary of Azerbaijan Railways, continues to transport cargo from Central Asia to Turkey and Europe by rail through Azerbaijan, Report informs, citing the company.

Currently, there are ten containers on the way, heading from Tashkent, Uzbekistan, to Iskenderun, Turkey. Also, 30 containers are being transported from Bukhara, Uzbekistan, to Mersin, Turkey. Upon arrival at the port of Turkmenbashi, Turkmenistan, 40- and 45-foot containers will be loaded onto a feeder ship and delivered to the Baku port. Then the containers will be shipped to Turkey by the Baku-Tbilisi-Kars railway.

Another 15 containers sent from Bukhara are being transported to Bulgaria. After delivery from Turkmenbashi to Baku, these containers will be sent to one of Georgia’s Black Sea ports. From there, they will be shipped to Bulgaria by sea.

Seventeen containers with imported cargo will be delivered from Uzbekistan to Azerbaijan. The delivery station is Hajigabul.

Other 56 containers are expected to be transported by rail from Uzbekistan to Turkey and Europe shortly.

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Central Bank of Turkey posts rise in currency reserves

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Currency reserves of the Central Bank of Turkey rose $1.166 billion or 1.2% to $95.214 billion last week, Report informs, citing Turkish media.

According to the information, $40.719 billion of the currency reserves were gold reserves, up $535 million, or 1.3% from the previous week.

The reserves in different currencies increased by $631 million or 1.2% to $54.495 billion.

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