Sept. 23
Turkey calls for expansion of customs cooperation with Azerbaijan
It is necessary for the customs services of Azerbaijan and Turkey to expand their relations, especially in fighting smuggling and drug trafficking, the Chairman of Azerbaijani State Customs Committee (SCC),Lieutenant-General Aydin Aliyev said during a meeting with the delegation led by Deputy Minister of Customs and Trade of Turkey Fatih Metin.
The head of the SCC expressed satisfaction with the annual growth of commodity turnover between Azerbaijan and Turkey and confidence in maintaining this tendency in the future.
The Turkish delegation became familiar with the work of the Target Center established under the SCC. It was stressed that the Target Committee which was founded within the project for development of Azerbaijan's customs service envisaged by UN Development Program, gives opportunity for a single observation of customs procedures at all border crossing points of the country, which was made possible thanks to the installation of about 800 surveillance cameras.
Singapore companies can operate in industrial parks in Azerbaijan
Companies from Singapore can participate in the development of industrial parks in Azerbaijan.
This issue was discussed at a meeting of the Azerbaijani Minister of Economic Development Shahin Mustafayev with Singapore's Minister of State for Trade and Industry Lee Yi Shyan, the Ministry of Economic Development said.
The parties also discussed mutual investments, the exchange of experience in the development of business environments and entrepreneurship, holding business forums with the participation of businessmen of the two countries, exhibitions and presentations.
A Singaporean delegation arrived in Baku to attend the shipyard's opening ceremony, which was held on Friday. Singapore's "Keppel Offshore & Marine" has a 10 percent stake in the plant.
Budget package for 2014 to be presented to Azerbaijani President
Azerbaijani Cabinet of Ministers took decision on presenting the set of documents included in the budget package for 2014 and the next three years, to the President Ilham Aliyev.
At the meeting held under the chairmanship of Prime Minister Artur Rasizade, the Government of Azerbaijan discussed the drafts of state and consolidated budgets for 2014, forecast figures of state and consolidated budgets for the next three years, as well as the concept of socio-economic development.
Azerbaijan reduces cost of international calls to all worldwide areas
The Aztelekom Production Association (PA) of the Azerbaijani Ministry of Communications and Information Technologies has reduced the cost of international calls to all worldwide areas, the head of press service of Aztelekom Vidadi Ismayilov said.
According to Ismayilov, the calls are carried out over the IP-telephony service resulting in subscribers of the public telephone network being able to make international calls at affordable tariffs.
Sept. 24
OSCE supported-discussions on Azerbaijan's EITI compliance discussed in Baku
An OSCE-supported meeting focusing on Azerbaijan's compliance with the Extractive Industries Transparency Initiative (EITI) was held in Baku, OSCE official website reported.
EITI is a mechanism for disclosing oil and gas industry revenue to improve the transparency and accountability of public finance management, a report said.
The event was organized by the OSCE Office in Baku together with Azerbaijan's State Oil Fund, Revenue Watch Institute.
Central Bank of Azerbaijan highlights loan rate reduction tendency
The Central Bank of Azerbaijan (CBA) has highlighted the continuing trend of reducing interest rates on bank loans in the country, CBA first deputy chairman Alim Guliyev said.
"The Central Bank has worked hard to examine the situation with interest rates on loans in the country and evaluated all factors that shape them," he said. "A methodological approach is required. For example, the rates on business loans are not very high.
"We examined international practice. They are at the same level in the neighbouring countries of Kazakhstan, Turkey and Russia. When we talk about high rates, we mainly mean consumer loans. The rates on mortgage lending which is also consumer are lower in Azerbaijan. The rate on a commercial mortgage loan is eight per cent, social mortgage is four per cent in Azerbaijan, while these are 10-12 per cent in Turkey and Russia. The interest rate on consumer loans is not so high. However, this topic is relevant in Azerbaijan."
Sept. 25
Azerbaijan's largest bank introduces first Islamic card
International Bank of Azerbaijan (IBA) is the first European bank to present the Qibla card which corresponds to the rules of Islamic banking.
During the presentation of the card, IBA Islamic Banking Department head Behnam Gurbanzade said the card will be released into circulation in the near future. The cost of the card is 40 manats.
This debit card was issued in conjunction with MasterCard Platinum. It is made in an unusual design and is equipped with an electronic compass indicating the direction of Mecca. With the help of this card, the card holder will be able to cash funds in the account, as well as pay for the purchase of various goods and services.
Qibla card will be issued as a debit card, but can also be used with a limit of debt, issued by the bank. Prolongation of the limit term is discussed with the card holder at the end of the debt payment period. The debt paid by the holder is paid into card's balance statement and the debt limit restored.
IBA started rendering Islamic banking services in 2003, becoming the first in the country's banking market. The bank has been rendering services in this sphere at the expense of resources attracted from the Islamic Development Bank group.
Azerbaijani President Ilham Aliyev attends ceremony of commissioning new power substation in Nizami District of Baku
President of Azerbaijan Ilham Aliyev has attended the opening of the power plant N 204 after capital repair in the capital's Nizami District.
As stated, the substation located in Nizami district of Baku, was designed for 110/35/6 kilovolts of voltage.
MP: Trade turnover between Azerbaijan and Iran may be increased
The trade turnover between Iran and Azerbaijan is $2 billion, and has the potential to grow, the head of Iran's parliamentary delegation, Member of the Iranian Parliament's (Majlis) National Security and Foreign Policy Commission, Javad Jahangirzadeh said at a press conference in Baku.
During the press conference, Jahangirzadeh spoke about opportunities for Azerbaijani investors in Iranian free economic zones (FEZ).
ADB to support development of non-cash payments in Azerbaijan
The Asian Development Bank (ADB) intends to support the development of non-cash payments in Azerbaijan, ADB Executive Director Anthony Baker said during his visit to Azerbaijan, the Azerbaijani Taxes Ministry said.
"ADB's strategy of development in Azerbaijan for 2014-2018 years, which was agreed with the government, envisages conducting various stimulating measures for the expansion of Azerbaijani banks' possibilities to access the consumer market through microfinance. This will give stimulus to the development of non-cash payments," Baker said.
Noting that anti-corruption measures applied in the country in recent years and the creation of electronic government serve to reinforce the strength of the economic reforms and governance efficiency, Baker underscored that the cooperation between ADB and Azerbaijan will be continued in the next few years, on the principles of support of the non-oil sector and innovative projects.
Sept. 26
Azerbaijani President receives delegation headed by British PM's Trade Envoy
President of Azerbaijan Ilham Aliyev has received a UK delegation led by the Prime Minister`s Economic Partnership Envoy, member of the House of Lords, Lord Risby.
The sides praised rapid economic development of Azerbaijan in recent years.
President Ilham Aliyev and Lord Risby stressed the importance of long-term fruitful cooperation between the State Oil Company of Azerbaijan (SOCAR) and BP.
The sides also discussed how to develop the UK-Azerbaijan relations on different fronts, including fields of economy, energy, trade, mutual investment making, information and communication technologies, agriculture, education, healthcare, tourism, as well as regional security.
Sept. 28
Azerbaijani President and his spouse attend opening of several facilities in Shabran District
President of Azerbaijan Ilham Aliyev and First Lady Mehriban Aliyeva have attended the opening the Takhtakorpu Hydro Power Plant with the total capacity of 25MW and Takhtakorpu-Jeyranbatan water canal in the country's Shabran District.
The facilities were overhauled under the program for reconstruction of the Samur-Absheron irrigation system.
The construction of the Takhtakorpu Reservoir, Takhtakorpu Hydro Power Plant, Velvelechay-Takhtakorpu and Takhtakorpu-Jeyranbatan Canals started in 2007 on the order of the Azerbaijan Amelioration and Water Management Company.