BAKU, Azerbaijan, Feb. 22
By Fidan Babayeva - Trend:
The mutual food trade between Russia and Azerbaijan grew by 6 percent and amounted to $1.3 billion in 2020, Trend reports referring to the Russian Trade Mission in Azerbaijan.
According to the mission, the development of bilateral relations in the field of the agro-industrial complex (AIC) became the topic of the meeting of the Russian-Azerbaijani working group on agricultural cooperation, which was held at the Russian Ministry of Agriculture.
"Azerbaijan is one of the ten largest buyers of domestic agricultural goods. The value of exports of agricultural products from Russia last year increased by 12 percent to $698 million. At the same time, Russia has the potential to further increase the supply of wheat, confectionery, poultry meat, sausages, canned vegetables, margarine, and sauces," the mission said.
During the outgoing week, the changes were made to the resolution of the Azerbaijani Cabinet of Ministers dated May 31, 2001 "On Recommendations on Wage Standards for Employees of Agricultural Enterprises".
In accordance with the resolution signed by Azerbaijani Prime Minister Ali Asadov, up to 20 percent of wages can be paid in kind, that is, products produced at this enterprise or other goods of daily demand may be offered in case of an employee’s consent.
The volume of lending to agriculture, forestry and fishing in Azerbaijan amounted to 566.2 million manat ($333.05 million) in 2020.
Lending to this sector increased by 22.8 million manat ($13.4 million) or 4.2 percent compared to 2019.
The long-term loans accounted for 494.7 million manat ($291 million) or 87.4 percent of the total lending volume to the sector which is by 26.2 million manat ($15.4 million) or 5.6 percent more compared to 2019. The loans worth 380.5 million manat ($223.8 million) were issued in national currency, $114.3 million in foreign currency.
The short-term loans in the sector of agriculture, forestry and fishery amounted to 36.5 million manat ($21.5 million) or 6.4 percent of the total lending volume to the sector. Some 26.1 million manat ($15.3 million) of that volume were issued in national currency, $10.4 million - in foreign currency.
The important reforms recently implemented in Azerbaijan's agricultural sector, including improvement of the food security system and supporting of agricultural producers by providing incentives for technology transfer, are aimed at increasing the productivity and competitiveness of this sector in Azerbaijan, Zaur Rzayev, Foreign Relations Advisor of the World Bank (WB) office in Azerbaijan, said.
“The WB approved the project "Agricultural Competitiveness Improvement" in 2013, the total cost of which was $53.2 million,” Rzayev said. “Some $34.5 million of that amount is envisaged as financing from the WB while $4.3 million of this amount has already been used. The remaining funds will be paid before the implementation of the project, which is envisaged for the end of 2021.”