section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Countries in the Caspian region, particularly Azerbaijan, Kazakhstan and Turkmenistan, have high-value natural-resource-based economies, where the oil and gas compose more than 10 percent of their GDP and 40 percent of their exports. All the Caspian region economies are highly dependent on this type of mineral wealth. The world energy markets were influenced by Azerbaijan and Kazakhstan, as they became strategically crucial in this sphere, thus attracting the largest share of foreign direct investment (FDI).
  
  All of the countries are rich in solar energy and harnessing potential, with the highest rainfall much less than the mountains of central Europe in the mountains of the west, which are also rich in hydroelectricity sources.
  
  Iran has high fossil fuel energy potential. It has reserves of 137.5 billion barrels of crude oil, the fourth largest in the world, producing around four million barrels a day. Iran has an estimated 988.4 trillion cubic feet of natural gas, around 16 percent of world reserves, thus key to current paradigms in global energy security.
  
  Russia's economy ranks as the twelfth largest by nominal GDP and sixth largest by purchasing power parity in 2015. Russia's extensive mineral and energy resources are the largest such reserves in the world, making it the second leading producer of oil and natural gas globally.
  
  Caspian littoral states join efforts to develop infrastructure, tourism and trade in the region. The first Caspian Economic Forum was convened on August 12, 2019, in Turkmenistan and brought together representatives of Kazakhstan, Russia, Azerbaijan, Iran and that state. It hosted several meetings of their ministers of economy and transport.
  
  The Caspian countries develop robust cooperation in the tech and digital field as part of the Caspian Digital Hub. The project helps expand data transmission capabilities in Kazakhstan as well as data transit capabilities between Asia and Europe. The project generated interest from investors from all over the world, including the UK.