Economy of Azerbaijan

🇦🇿🇬🇷 In January-August 2026, trade turnover between Azerbaijan and Greece exceeded $631 million, increasing by 31.9% compared to the same period of 2025. During the first eight months of the year, the share of trade with Greece in Azerbaijan’s total trade turnover amounted to 1.9%.

📌 State Customs Committee of the Republic of Azerbaijan

📊 In January–August 2026, Azerbaijan produced 48,628.3 tonnes of aluminum products, up 51.8% compared with the same period last year. Stocks of finished products as of September 1, 2026, amounted to 3,727.8 tonnes.

📌 State Statistical Committee of the Republic of Azerbaijan

⚡️ The portfolio companies of the Azerbaijan Investment Holding (AIH) will serve as the main implementing entities for key projects under the “State Program for the Development of the Mining (Metal Ore) and Metallurgical Industries in the Republic of Azerbaijan for 2027–2030,” approved by an Order of President Ilham Aliyev.
In particular, Azeraluminium will double its annual electrolytic production capacity to 100,000 tonnes, with exports expected to increase to ₼510 million, while AzerGold will implement the strategic Söyüdlü, Ortakand, Filizchay and Dashkasan projects, with a total investment requirement of approximately ₼3.63 billion.

◾️ Söyüdlü deposit: production is scheduled to commence in 2028; gold resources are estimated at 1.03 million ounces.
◾️ Ortakand deposit: production is expected to begin in 2029; gold resources amount to 246,000 ounces.
◾️ Filizchay polymetallic deposit: the project is expected to reach full production capacity by the end of 2031. Over 34 years of operation, the project envisages the extraction of 363,000 tonnes of copper, 2.7 million tonnes of zinc and 1 million tonnes of lead.
◾️ Dashkasan iron ore project: production is scheduled to begin in 2030, with the establishment of annual capacity to produce 2 million tonnes of hot briquetted iron.

The implementation of the State Program is aimed at accelerating the transition from raw material extraction to the production of higher value added products and expanding domestic value chains. Of the ₼5.3 billion in planned investments, approximately 80% is expected to be attracted from non-budgetary sources.
By 2030, these measures are expected to increase the sector’s contribution to GDP from ₼700 million to ₼1.8 billion, raise its annual export potential to ₼3.4 billion, and create more than 5,000 permanent jobs.

🔤🔤🔤🔤🔤🔤 The 4th Meeting of the Ministers of Industry of the Economic Cooperation Organization (ECO) was held in Dushanbe, the capital of Tajikistan.
Speaking at the meeting, Deputy Minister of Economy Sahib Alekberov stated that Azerbaijan attaches particular importance to developing cooperation with ECO and strengthening economic ties among its member states. He emphasized the significant potential for further expanding economic cooperation within the Organization.
The event provided information on Azerbaijan’s industrial and investment potential, as well as the measures being implemented to support business and entrepreneurial activity in the country. The development of competitive and export-oriented production, the activities of industrial zones and support mechanisms applied in this area, as well as steps taken in the fields of digitalization and human capital development, were highlighted.
During the meeting, attended by heads of relevant government institutions of ECO member states, views were exchanged on strengthening regional industrial cooperation, as well as investment, transport and logistics, and trade relations. At the conclusion of the meeting, the “Dushanbe Declaration on Enhancing Regional Industrial Cooperation” was adopted.

ℹ️ The Economic Cooperation Organization was established in 1964. Azerbaijan has been a member of the Organization since 1992. Established with the aim of promoting sustainable economic development among its member states, liberalizing economies and trade, and advancing intra-regional trade, the Organization brings together 10 member countries.

🇦🇿 President of the Republic of Azerbaijan Ilham Aliyev received Kai-Fu Lee, Chief Executive Officer of China’s 01.AI and Sinovation Ventures, and Filippo Malinverno, Coordinator for International Summits and Head of Development in Saudi Arabia at Italy’s TEHA Group, on September 24.

🤖 The Center for Analysis and Coordination of the Fourth Industrial Revolution (4SIM) under the Ministry of Economy, together with international experts, is implementing the Digital Economy Development Support Program, aimed at enhancing the technological capacity of local industrial enterprises and promoting the adoption of innovative technologies, thereby contributing to the sustainable and competitive development of the country’s economy.
The program aims to improve business efficiency and competitiveness by encouraging the adoption of advanced technologies with state support. Companies participating in the program receive, free of charge and with the involvement of local and international experts, services such as an assessment of their technological readiness, the development of an individualized technology transformation roadmap, and technical support for its implementation, including access to financial resources.
In 2026, the technological readiness of 18 enterprises participating in the program was assessed, and relevant roadmaps were developed for them. A number of enterprises have already begun implementing these roadmaps.
Information on the eligibility criteria and the application process is available at: https://industry4.az/

↗️ In January–August 2026, payments to the population for pensions, benefits, scholarships and targeted state social assistance amounted to ₼7 billion, up ₼633 million, or 10%, compared with the same period last year.
 
📌 Ministry of Labour and Social Protection of Population

📈 In January–August 2026, the volume of premiums collected by Azerbaijan’s insurance market exceeded ₼1.115 billion, marking a 6.4% increase compared to the same period last year. Insurance payouts amounted to ₼773.1 million, up by 28.1%.

📌 Central Bank of Azerbaijan

📤 In January-August 2026, Azerbaijan exported over 146.9 thousand tons of sugar worth more than $91 million. Over the year, export volume increased by 2.6 times, while export value rose by 2.3 times.

📌 State Customs Committee of the Republic of Azerbaijan

📊 In January–August 2026, Azerbaijan produced 263.8 thousand tons of reinforcing steel (rebar), marking a 14.5% increase compared to the same period last year. As of August 1, 2026, inventories of finished products stood at 9.5 thousand tons.

📌 State Statistics Committee of the Republic of Azerbaijan

🇦🇿🇬🇧 In January–August 2026, Azerbaijan's total trade with the United Kingdom increased 3.9-fold compared to the corresponding period of 2025, exceeding $3.685 billion. During the reporting period, trade with the United Kingdom accounted for 11.08% of Azerbaijan's total foreign trade turnover.

📌 State Customs Committee of the Republic of Azerbaijan

😶 The Azexport portal has automated the issuance of the Certificate of Free Sale by integrating the service into its digital logistics platform. Entrepreneurs can now submit applications online, track their status via a QR code through their personal accounts, and download the completed PDF document without the need for physical attendance.

ℹ️ Since 2018, the certificate has been issued for more than 700 product items, including medical equipment, food products and pharmaceuticals. This has significantly facilitated access for Azerbaijan’s non-oil exports to strategic markets in the Gulf countries, Asia and the Americas.

🌐 The United States-Azerbaijan Chamber of Commerce (USACC) and the America-Georgia Business Council hosted a roundtable with Rolande Pryce, the World Bank’s Regional Director for the South Caucasus, on the Middle Corridor and regional cooperation.
The discussion focused on the investments and operational improvements needed to make the route more reliable: stronger rail and port connections, more efficient border procedures, better logistics coordination, and digitalization. These steps can help turn growing interest in the corridor into trade and investment opportunities across Central Asia, the South Caucasus, Türkiye, and Europe.

📌 USACC

↗️ In January–August of this year, ₼643.5 thousand was transferred to the budget of the Nakhchivan Autonomous Republic from the lease of state-owned real estate, 47.7% more than a year earlier. During the reporting period, 133 lease agreements were concluded, while 165 agreements were extended.

📊 In January–August 2026, ₼152.5 million was transferred to the state budget of Azerbaijan from the privatization and lease of state-owned assets, according to the State Service on Property Issues. The major share of the amount came from privatization revenues, totaling ₼114.7 million, while the lease of state-owned assets generated ₼37.8 million.