President Ilham Aliyev has raised Azerbaijan’s medium-term transit freight target to 30 million tons, five million tons above the goal he announced less than a week earlier.
Aliyev set the new target on October 2 while addressing the eighth congress of the New Azerbaijan Party at the Heydar Aliyev Center in Baku. He said transit freight passing through Azerbaijan is expected to reach 16 million tons in 2026.
At an investment forum on September 26, Aliyev said Azerbaijan planned to raise transit freight to at least 25 million tons by 2030. The latest goal increases that figure by another five million tons.
Transport Corridors and Jobs
Aliyev attributed the increase to investment in infrastructure, international engagement and administrative measures that have made the Middle Corridor and the North-South Corridor more attractive.
He said higher freight volumes would generate additional revenue, create thousands of jobs and further increase Azerbaijan’s importance as a transport hub.
Nearly 9 Billion Manats for Security
Aliyev also said the draft 2027 state budget sets aside nearly 9 billion manats for military and security spending.
He cited wars and conflicts to Azerbaijan’s north and south and said the country must remain ready to respond to possible military provocations. Protecting the state, he said, is essential for carrying out social and infrastructure projects.
The budget also provides funding for reconstruction in Karabakh and East Zangezur and for measures to improve social welfare.
Debt, Reserves and Refining Capacity
Aliyev said Azerbaijan’s external debt stands at 5.6% of gross domestic product, while foreign exchange reserves have reached $90 billion, roughly 20 times the country’s external debt.
He put Azerbaijan’s total oil refining capacity at 30 million tons: 7 million tons at the refinery inside Azerbaijan and 23 million tons at overseas assets. Aliyev said the country is receiving requests for petroleum products from multiple states and expects demand for Azerbaijani petroleum products and natural gas to rise.
Sources: Vesti Baku; APA’s full October 2 speech report; Report; Report’s September 26 target report.