Azerbaijan named the largest trading partners in non-oil exports

In January-June of this year, the volume of Azerbaijan's exports in value terms amounted to $18.5 billion, including $1.5 billion in the non-oil sector. According to the report, compared to the first half of 2021, Azerbaijani exports in the non-oil sector increased by $295.4 million, or 25.4%.

In January-June 2022, exports of fruit and vegetable products increased by 7.1% compared to the same period last year and amounted to $ 328.1 million. Over the corresponding period, exports of chemical products increased fivefold, aluminum and aluminum products - doubled, ferrous metals and products from them - by 26.1%, cotton fiber - by 12.8%, and cotton yarn - by 5.2%. Cotton fiber ranked first in the list of exported goods in the non-oil sector ($136.9 million). In this list, tomatoes ($126.9 million) are in second place, and urea ($98.7 million) is in third.

During the reporting period, products of the non-oil sector worth $428.4 million were exported to Turkey, $382 million to Russia, $88.2 million to Georgia, $84.6 million to Switzerland, and $57.5 million to the United States.

In June of this year, most goods in the non-oil sector were exported to Russia ($118.6 million). Turkey took second place on this list ($38.2 million), and Switzerland - third ($18.2 million). Last month, in the list of exported goods in the non-oil sector, tomatoes ($35.8 million) were in the first place, cherries and sweet cherries were in second ($34.2 million), and potatoes were third ($20.2 million).

European Bank for Reconstruction and Development invests $21.4 million in a pioneering solar plant in Azerbaijan

With the approval of a US$ 114.2 million financing package from the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), the Japan International Cooperation Agency (JICA), and the Abu Dhabi Fund for Development (ADFD), Azerbaijan's goal of diversifying its energy has received a significant boost. The money will be utilized to start up a 230 MW photovoltaic (PV) solar power facility in eastern Azerbaijan, close to the Alat village.

The money will go to Abu Dhabi Future Energy Company-owned Masdar Azerbaijan Energy LLC, the company in charge of developing the Garadagh Solar Project. Masdar is a well-known global renewable energy provider and an ongoing customer of the Bank, ADB, JICA, and ADFD.

The solar power facility operated by Masdar is Azerbaijan's first privately-owned utility-scale solar power installation. The deal reached today paves the way for more private sector involvement in Azerbaijan's renewable energy market, which is actively backed by the EBRD on both a policy and investment level. The plant's 230 MW of renewable energy will be able to produce up to 558 Gigawatt hours (GWh) of electricity once it is fully operational, resulting in a reduction in annual CO2 emissions of up to 265,000 tonnes.

Making more domestic gas available for export would boost Azerbaijan's decarbonization drive and improve the European Union's energy security. Thus, the initiative will support the objectives outlined in the Sustainable Development Goals (SDGs) of the United Nations for 2030, namely climate action, industry, innovation, and infrastructure.