Last week review (Oct. 14-18)

Oct. 14

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'.

Turkmenbashi Oil Refineries opens tender for purchase of metal products
Turkmenbashi Oil Refineries opens tender for purchase of metal products
CNPC branch in Turkmenistan opens tender for maintenance of compressors
CNPC branch in Turkmenistan opens tender for maintenance of compressors
Turkmen iodine plant releases production data
Turkmen iodine plant releases production data
Loading Bars
SOCAR, Belneftekhim to expand opportunities in oil products’ production, sale
Azerbaijan continues to compensate workers employed in COVID-hit areas
Thailand reports record daily rise with 1,543 new coronavirus cases
Geely's EV unit Polestar raises $550 million
Iran resumes flights to UK
Uzbekistan talks projects implemented on improving country's energy sector
Central Bank of Iran continues its foreign currency policies
US IDC eyes organizing int'l forum on applying best 'smart' practices in Azerbaijan
Yemen's Houthis say they attacked Aramco, Patriot targets in Jazan
Iran stresses achieving $20-billion trade with Iraq
Georgian Bus and Omnibus Express to transport passengers free of charge in movement-restricted period
Daily COVID-19 case count at 2,641 in Kazakhstan
EU helping in modernization of Georgian Railway
Turkey provides Libya with 150,000 doses of Sinovac COVID-19 vaccine
S.Korea reports 698 more COVID-19 cases, 112,117 in total
Construction of Russian helicopter service center in Azerbaijan running steadily - trade representative
One dead, 12 missing after vessel capsizes in Gulf of Mexico
NATO allies to leave Afghanistan along with U.S
Belgium to ease COVID-19 restrictions
Instagram launches test where users can choose to see likes
Japan seeks to establish agricultural working groups in Georgia
Azerbaijan's First VP gives instructions in regards to Tunar Bagırov suffering from SMA
Turkey reports over 62,000 COVID-19 cases
UK records another 2,491 coronavirus cases, 38 deaths
Turkmenbashi Oil Refineries opens tender for purchase of metal products
Georgian company eyes building of airdrome in outskirts of Tbilisi
Kazakh-German oil extracting JV opens tender to buy pumps
Iran launches National Productivity Network to connect businesses
Kazakhstan’s subsoil users subsidize domestic market of fuel and lubricants to keep gasoline prices
Production of Sputnik V vaccine launched in Serbia
Armenian gov't didn’t want foreigners to see devastation, their hatred to Azerbaijanis - President Aliyev
Georgia tightens entry rules for Indian visitors due to pandemic
Brent prices above $66/bbl first time from March 18
Uzbek deputy PM, Saudi Arabian minister discuss implementation of joint projects
Azerbaijani Foreign Ministry responds to French ambassador to Armenia
Uzbekistan’s Mubarek gas processing plant launches sodium sulfide production
Azerbaijani PM, Turkish ambassador hold meeting
Ucell launching 5G in Uzbekistan’s Tashkent
Kazakhstan’s Kazgeology company announces number of ongoing investment projects
Working visit of President of Belarus in Azerbaijan ends (PHOTO)
Gold and foreign exchange reserves decrease in Uzbekistan
Ukraine, Azerbaijan may increase potential for using renewable energy
Football Federations of Turkic Speaking States sign Memorandum of Understanding for Cooperation
Georgia, Tajikistan contribute to intensification of cargo transit
Austria, Georgia eye to implement projects in animal husbandry
Iran's Palayesh Parsian Sepehr Company to receive large revenues
Kazakhstan to allocate funds for development of processing industry
Azerbaijan plans to organize transit cargo transportation through Turkey to EU countries
Azerbaijan's State Committee on Property Issues holds new auction on privatization
Germany's economic institutes cut GDP 2021 growth forecast to 3.7%
Indian PM Modi addresses Inaugural Session of Raisina Dialogue
Kazakhstan taking measures to boost drinking water reserves
Ukraine ready to help Azerbaijan to restore liberated territories - Deputy PM
COVID-19 pandemic hinders Georgian Airways to increase number of flights
First train with feed products arrives in Azerbaijan from Turkey via TURKUAZ project
Iran's Energy Exchange announces products to be on sale on April 17
UNDP supports Georgia's adoption of legislation on environmental liability
Export of cotton from Azerbaijan greatly increases from Jan. through Feb. 2021
United Nations concludes field mission to conflict-affected districts of Azerbaijan (PHOTO)
Iran to stop importing catalysts in petrochemical sector
Azerbaijan shares updated info on COVID-19 vaccinated citizens
Bahar Azadi gold coin price rising in Iran
NATO partners appreciate significant contribution that Georgia making to global security
Iran to increase enrichment in Natanz nuclear facility
Volume of gas injected into Iran's Karanj field increases
Demand for Azerbaijani CBA's short-term notes exceeds supply
1Q2021 number of job seekers from Turkey in Kazakhstan, Uzbekistan down
Azerbaijan confirms 2,293 more COVID-19 cases, 2,071 recoveries
Nikola, Iveco and OGE sign preliminary hydrogen distribution agreement
CNPC branch in Turkmenistan opens tender for maintenance of compressors
Kazakhstan eyes reducing flights number to Turkey as COVID-19 cases jump
EU to raise COVID vaccine supplies from Pfizer in Q2 to 250 million doses
Digitalization in Azerbaijan proceeding at highest level among CIS states - IDC
Minsk IT Holding of Belarus develops solution for accepting non-cash payment based on NFC smartphones
2020/2021 season to be less profitable for potato farmers in Georgia
Georgian citizens preparing to leave for Germany for work
Turkish Parliament to discuss violations by Armenia during attacks on Azerbaijan
Turkmen iodine plant releases production data
Transactions through ATMs up in Azerbaijan
Azerbaijan, Ukraine have several areas for interaction, partnership - Deputy PM
Italy supported Azerbaijan in Karabakh war despite pro-Armenian force - expert
Exports of several oil products from Iran shrink
Kazakhstan's preliminary oil extraction data indicates drop - OPEC
Coffee prices up in Georgia
Georgia observing economic recovery - minister
Goldman Sachs profit jumps on record global dealmaking
Iran’s Alborz Province exports fishery products
Azerbaijani citizens can visit dozens of countries without visa - Henley&Partners
Ukrainian deputy PM visits Azerbaijan’s Aghdam district (PHOTO)
Azerbaijan took huge step towards achieving its national dream - President of Belarus
Turkmenistan reveals volume of allocated loans in national currency
Relations between Azerbaijan and Belarus are far from any problems - President Aliyev
1Q2021 volume of electricity generation by Azerbaijani TPPs down
Azerbaijani, Belarus presidents made press statements (PHOTO)
Turkey reveals volume of cargo shipment via local ports from Netherlands
Azerbaijani, Belarusian presidents sign bilateral documents (PHOTO)
Azerbaijani Energy Ministry, IFC sign Memorandum of Understanding on offshore wind energy (PHOTO)
We created new reality by shedding blood, everyone should reckon with us - President Aliyev
Armenia took advantage of Heydar Aliyev’s dismissal from all posts - Azerbaijani president
IEA expects growth in Azerbaijan’s oil output
All news