When considering the position of the Azerbaijani economy on the global map, the picture that naturally came to mind for many years was one of incoming foreign investment, transnational corporations operating in the Caspian Sea, and massive oil and gas pipelines stretching westward from Baku. Situated at the crossroads of East and West, the country was primarily characterized as a hub for attracting international capital and exporting resources.
Day: July 23, 2026
An Armenian delegation led by Deputy Minister of Economy Anushik Avetisyan held a series of working meetings in Italy on July 20-21 as part of the Armenian government’s initiative to facilitate the entry of Armenian companies into European markets.
The delegation also included Armenia’s Ambassador Extraordinary and Plenipotentiary to Italy, Vladimir Karapetyan, and Gohar Abajyan, Director of the Investment Support Center Foundation.
On July 20, the delegation met in Venice with the leadership of the CONFAPI Venice Business Association. Discussions focused on expanding Armenia–Italy economic cooperation, promoting Armenian products in European markets, and strengthening business ties between the two countries.
The delegation was also received by the Prefect of Venice, Darko Pellos, where the importance of further developing economic and institutional cooperation was emphasized.
On July 21, meetings in Rome with representatives of Italy’s Ministry of Agriculture, the Fruitimprese association, and the Italian Trade Agency (ITA) centered on cooperation in the agri-food sector, facilitating the entry of Armenian products into the Italian market, participation in international trade exhibitions, and enhancing Armenian-Italian business relations.
The parties agreed to continue working-level contacts to advance the discussed initiatives into the implementation phase.
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SOFAZ halts gold sales
In the second quarter of 2026, the State Oil Fund of Azerbaijan (SOFAZ) did not sell any gold, maintaining reserves at 178.1 tons, Report informs, citing the fund.
However, as of July 1, 2026, gold accounted for 31.4% of SOFAZ’s investment portfolio, marking a 4.2 percentage point decrease compared to April 1.