June 18
Azerbaijan, South Korea sign agreement on economic cooperation
An agreement was signed between the governments of Azerbaijan and South Korea.
The agreement was signed by Azerbaijan's Minister of Finance Samir Sharifov and South Korea's ambassador to Azerbaijan Choi Suk-inn, the press service of the Ministry said.
The agreement provides for support for the economic development of Azerbaijan and the promotion of economic cooperation between the countries. It also provides for allocation of loans to the government of Azerbaijan from the Cooperation Fund for Economic Development for the implementation of projects agreed with the Government of South Korea. At the same time, the agreement sets out the general framework for cooperation in this field between the two countries.
June 19
Azerbaijan may establish logistics centers in Kazakhstan's western regions
Azerbaijan may establish a logistics centers in the western regions of Kazakhstan.
This issue was discussed during the meeting between the Minister of Economic Development of Azerbaijan Shahin Mustafayev and the Minister of Economy and Budget Planning of Kazakhstan Yerbolat Dosayev in Aktau.
The sides discussed the issues of expansion of cooperation in economy, in particular, the expansion of economic relations between Azerbaijan and western regions of Kazakhstan as well as promotion of business relations between entrepreneurs of the two countries.
The issues of mutual cooperation were also discussed during the meeting of the Azerbaijani delegation with the Governor of Mangistau region Alik Aydarbaev.
Aktau also hosted the Azerbaijan-Kazakhstan Business Forum, which was attended by businessmen of the two countries, representing industry sectors, in particular food, agriculture, construction, tourism and others.
June 20
Black Sea Trade and Development Bank plans to participate in Azerbaijan's transport projects
The Black Sea Trade and Development Bank plans to participate in the transport projects in Azerbaijan, BSBTD chairman Andrei Kondakov said.
"We plan to participate in financing the projects in the transport sector of the country," he said. "In particular, a project associated with the underground is at a preliminary stage."
According to him, the bank would like to expand the activity in the real sector of the Azerbaijani economy.
The fifteenth Annual Meeting of the Governing Council of the Black Sea Trade and Development Bank was held. A business forum with the participation of international financial institutions and organizations of the bank's member-countries was held.
June 21
Ilham Aliyev: Europe to become main market for Azerbaijani gas
The cooperation in energy sphere is one of the most important parts of relations between Azerbaijan and the EU, Azerbaijani President Ilham Aliyev said at the joint press conference in Brussels, with the president of European Commission, Jose Manuel Barroso, the EU official website reported.
"It is a win-win situation: Azerbaijan will find a predictable, regulated market in Europe, and Europe will get an alternative source of Caspian gas from Azerbaijan," Ilham Aliyev said. "Hopefully the volume of Azerbaijani gas that is to be transported to Europe, will not be limited by the Shah Deniz 2 project, because we have more than 2 trillion cm of proven gas reserves. Europe will become main market for Azerbaijani gas."
BSEC Business Council and Azerbaijan Export and Investment Promotion Foundation sign MoU
The Black Sea Economic Cooperation Organisation (BSEC) Business Council and the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) have signed a memorandum of understanding.
The document was signed following the business forum held in Baku during the fifteenth annual meeting of the Board of Governors of the Black Sea Trade and Development Bank.
Azerbaijan achieves poverty level set for 2015
Azerbaijan has achieved the level of poverty defined for 2015, Azerbaijan's Minister of Economic Development Shahin Mustafayev said in his speech at a conference on the results of national consultations on the Millennium Sustainable Development for the period after 2015 between the Government of Azerbaijan and the United Nations.
According to the Minister, as a result of targeted socio-economic policy in the last ten years, GDP has increased 3.4-fold, its per capita share - three-fold, industrial production - 2.8-fold, income of the state budget - by 19 times, while the ratio of the budget deficit to GDP did not exceed one percent.
"These developments have enabled implementation in the country of tangible measures to solve the problem of poverty. While in 2002, the poverty rate was at 46.7 percent, in 2012, it dropped to six percent. Thus, the country has already reached the level of poverty defined for 2015," the Minister said.
June 22
Black Sea Trade and Development Bank approves loan for SOCAR
The Black Sea Trade and Development Bank (BSTDB) will allocate a loan worth $58 million to the State Oil Company of the Azerbaijani Republic (SOCAR), BSTDB chairman Andrei Kondakov said.
"The Board of Directors has unanimously approved the decision about the BSBTD's joining the Star refinery construction project," he said. "The loan will be allocated for a period of 18 years. The exact term is still being discussed."
According to him, it is the largest loan in the BSTDB's history.
"The bank usually allocates the loans for up to 10 years," he said. "The loans of such an amount are generally delivered under the sovereign guarantees. In this case, such guarantees are not required, as we consider SOCAR as a very serious and reliable partner."