Last week review (Oct. 14-18)
MP: Specific volume of insurance in Azerbaijan's GDP to increase to one per cent
The volume of insurance premium per capita will exceed 40 manat in Azerbaijan by the end of the year, the head of the State Insurance Supervision Service under the Ministry of Finance Namik Khalilov said at a meeting of the Economic Policy Committee of the Milli Majlis (parliament) of Azerbaijan dedicated to the discussion of changes to insurance legislation. Prior to the law 'On mandatory types of insurance', the average insurance sum amounted to 16-17 manat. This figure increased to 37 manat by the end of 2012," the State Service head said.
Azerbaijan to liberalize conditions for foreign investors' entry into insurance market
Azerbaijani Ministry of Finance will liberalize the conditions for entry of foreign investors in the country's insurance market. This is envisaged by the draft law on changes to the 'Law on Insurance Activities' that was recommended by the Parliamentary Committee for Economic Policy of Azerbaijani Milli Mejlis (parliament) for consideration at the parliament's plenary session. According to the amendments to the law, foreign investors, not engaged in insurance activities, can have up to 50 per cent of stakes in the authorized capital of the local insurance companies. In this case, this limitation does not affect the international financial institutions, where Azerbaijan is a member, as well as foreign insurance companies and foreign institutional investors (banks and credit institutions, pension funds, investment funds). Aside from this, according to the amendment, the share of foreign natural person in the authorized capital may not exceed 10 per cent , while the total share several foreign individuals can not exceed 30 per cent.
Azerbaijan will host meeting of WB-IMF group
The next meeting of the heads of the World Bank (WB) and International Monetary Fund (IMF) will take place in Azerbaijan in July 2014, the Central Bank of Azerbaijan (CBA) reported. The decision was made at a meeting of CBA Deputy Chairman Khagani Abdullayev and Director of the Bank's Department for Foreign Affairs Fuad Huseynov with heads of the group, held at the annual meeting of the WB and IMF Board of Governors in Washington. CBA representatives held several meetings and took part in workshops and conferences organized by the IMF for delegations from the countries of the Caucasus region and Central Asia. Moreover, the CBA delegation met with WB vice -president for Europe and Central Asia Laura Tuck. The portfolio of WB projects in Azerbaijan, a new strategy of partnership between the World Bank and the Central Bank of Azerbaijan, as well as other aspects of bilateral cooperation were discussed at the meeting.
Azerbaijani State Customs Committee: Customs infrastructure must correspond with int'l standards for strong economy
The development of customs infrastructure in accordance with international standards in today's globalized world plays an important role in creating a strong economy, head of the State Customs Committee Aydin Aliyev said at the regional workshop on controlling trade strategy in Baku. The workshop is being held in the regional office of the World Customs Organization. About 36 participants from 32 countries are attending it. It is necessary to exchange ideas on the "meaning and concept of strategic goods", " The country's international legal framework in strategic trade", "the role of customs while controlling the trading strategy", etc. at the workshop.
Azerbaijan re-elected Deputy Chairman of Council of International Congress of Industrialists and Entrepreneurs
The National Confederation of Entrepreneurs of Azerbaijan (NCEA)'s secretary general Mammad Musayev was elected Deputy Chairman of the Council of International Congress of Industrialists and Entrepreneurs, NCEA said.
The elections were held within the tenth Congress of the Assembly of the International Congress of Industrialists and Entrepreneurs in Moscow.
On the eve of the congress the Azerbaijani delegation and Council of Industrialists and Entrepreneurs of Russia discussed issues of economic development and organisation of international business cooperation.
ADB removes Azerbaijan from group of preferential loan borrowing nations
The Asian Development Bank (ADB) has tightened lending conditions for Azerbaijan, head of the ADB's Baku office Olly Norojono said. "Azerbaijan has already reached a certain level of development and is not included in the category of countries needing preferential loans, Norojono said. According to him, in the future, Azerbaijan may reach such a level at which the ADB will cease providing the country with financial resources all together. For example, Singapore, which was formerly an ADB borrowers, also took such a path, head of the ADB's Baku office said.
Azerbaijani National Entrepreneurship Support Fund backs Goychay region investment projects
The National Entrepreneurship Support Fund under the Azerbaijani Economic Development Ministry has started receiving investment projects from entrepreneurs for the priority areas of development in the Goychay region, the ministry said. According to the information, an event entitled 'State support for entrepreneurship development in the regions' was held in the village of Asagi Lekchilpag in the Goychay region. During the event, effective discussions were held with entrepreneurs on using the current economic potential. It was expedient to receive the proposals from entrepreneurs for financing investment projects to create a modern livestock complex, small and medium bakeries and a fish farm.
Fitch affirms Azerbaijan at 'BBB-'; Outlook Stable
Fitch Ratings has affirmed Azerbaijan's Long-term foreign and local currency IDRs and its senior unsecured bonds at 'BBB-'. The Outlook on the IDRs is Stable. The Country Ceiling is affirmed at 'BBB-', and the Short-term foreign currency IDR at 'F3'.