Azerbaijan implementing agricultural activity expansion project

Finance Materials 11 March 2020 13:05 (UTC +04:00)

BAKU, Azerbaijan, March 11

By Fidan Babayeva – Trend:

One of the priority economic targets for 2020 in the country is the expansion of agricultural activity, Chairman of the Azerbaijani Agrarian Credit and Development Agency (AKIA) under the Azerbaijani Ministry of Agriculture Mirza Aliyev said, Trend reports.

Aliyev made the remark in Baku at the briefing dedicated to the instructions related to the issuance of subsidies, farm cards and sale of preferential fertilizers.

To date, the respective activities in this field are under way. Soon, the Ministry of Economy and the Ministry of Agriculture will form a joint working group, and a preliminary project document on development in this area will be issued, he said.

“At the same time, in the field of cotton production, like in other fields, machinery, automated machines and other equipment are provided with up to 40 percent state concessions. Whether it is agricultural machinery, the highest quality cotton harvesters or even the smallest cultivators, the state finances their acquisition by 40 percent,” Aliyev said, concerning the development of cotton industry in Azerbaijan.

Farmers are provided with preferential credits from the state to ensure access to the equipment, the AKIA chairman noted.

"The system of agricultural insurance in Azerbaijan has already been formed. When insuring the acreages, 50 percent of the insurance fees is paid by the state," Aliyev added.

The briefing dedicated to issuance of subsidies, farm cards and sale of preferential fertilizers was organized in Baku by the Azerbaijani Agrarian Credit and Development Agency (AKIA).

The new rules for subsidizing the production of agricultural products have entered into force since the beginning of this year. In accordance with these rules, agricultural subsidies will be issued to farmers through the electronic agricultural information system (EKTIS).

The new mechanism related to agricultural support measures serves to increase accountability, transparency, ensure the efficient use of budgetary funds, as well as simplify the process of farmers' appeals and the provision of farmers with subsidies.