Last week review (Nov. 25-29)

Analysis Materials 4 December 2013 11:30 (UTC +04:00)

Nov. 25

Some $880 million invested by U.S. stakeholders in Azerbaijan's non-oil sector

Investments by U.S. stakeholders in the non-oil sector of Azerbaijan amounted to $880 million, the head of the Azerbaijan Export and Investment Promotion Fund (AZPROMO) Rufat Mammadov said on the eve of the Azerbaijan-US business forum in Baku.

Representatives of major American companies specialising in various fields have arrived in Azerbaijan. As is known, the cooperation between Azerbaijan and the United States is very flexible.

"In our country, there are 220 companies backed by U.S. investment," he said.

"The event is being attended by more than 70 entrepreneurs from both countries. In general, the forum will discuss the potential for cooperation in various fields- such as energy, the chemical industry, household appliances and other areas," Mammadov stressed.

Nov. 26

Azerbaijan, France sign protocol on results of seventh meeting of Intergovernmental Commission

Azerbaijan and France have signed a protocol on the results of the seventh meeting of the Intergovernmental Economic Commission.

From the Azerbaijani side the document was signed by the Minister of Finance Samir Sharifov and from the French side it was signed by the Minister for Foreign Trade Nicole Brick.

The trade turnover between Azerbaijan and France amounted to $1.183 billion in Jan.-Sept. 2013.

Nov. 27

CEIBC member companies meet with chairman of Azerbaijani parliament's economic policy committee

The member companies of the Caspian-European Club (CEIBC) met with the Chairman of the Committee for the Economic Policy of Azerbaijani Milli Majlis (parliament) Ziyad Samadzade in Baku.

Prospects of development of the economy and legislative initiatives on development of the private entrepreneurship in Azerbaijan were discussed at the meeting.

Executives of companies and representatives of diplomatic agencies accredited in Azerbaijan took part in CEIBC meeting.

Nov. 28

Germany to provide large soft loan to Azerbaijan

Germany will provide a soft loan of 370 million euros to the Azerbaijani government. A corresponding "Agreement on financial cooperation between the governments of Azerbaijan and Germany on projects agreed upon in 2008-2012" was signed by the Azerbaijani Finance Minister Samir Sharifov and German Ambassador to Azerbaijan Heidrun Tempel.

According to the document, most of the credit (to be financed by the German bank KfW), namely 220 million euro, will be directed to the implementation of the infrastructure development program, as well as improvement of drinking water supply to the population of Ganja and Shaki.

"In addition, 130 million euro will be allocated to the open program on renewable energy and energy efficiency, and 20 million euros to the program for the environmentally sound management of waste," the statement said.

Azerbaijan invites Bavarian investors to Sumgait Chemical Industrial park

Azerbaijan is inviting Bavarian companies to invest in Sumgait Chemical Industrial park, Deputy Head of Entrepreneurship Development Department at the country's Ministry of Economy and Industry Huseyn Pashayev said at the third Azerbaijani-Bavarian business forum in Baku.

According to Pashayev, representatives of around 22 Bavarian companies who arrived in Baku consider the following sectors as important ones for Azerbaijan: construction, energy and the chemical industry, as well as food industry.

The business forum is being held with the arrangement of Bayern International Gmbh, German-Azerbaijani Chamber of Commerce and Azerbaijan Export and Investment Promotion Foundation (AZPROMO).

ADB satisfied with preparations for meeting of Board of Governors in Baku

The Asian Development Bank (ADB) is satisfied with preparations for the annual meeting of ADB Board of Governors to be held in Baku in 2015, ADB Vice President Bruce Davis said during the meeting with Azerbaijani Finance Minister Samir Sharifov, the Finance Ministry said.

"During the study visit, there was an exchange of views on the current level of cooperation and the prospects for its development. In addition, the importance of water, transportation and other infrastructure projects in Azerbaijan implemented jointly with ADB was stressed," the statement said.

Nov. 29

Foreign ministry: Schengen visa fee to be reduced for Azerbaijani citizens from 60 to 35 euros

The EU will reduce the Schengen visa fee for Azerbaijani citizens from 60 to 35 euros. This is envisaged by an agreement on visa facilitation signed between Azerbaijan and the EU at the third Eastern Partnership Summit in Vilnius, Azerbaijani Deputy Foreign Minister Mahmud Mammadguliyev said.

"The fees will be abolished for certain categories of Azerbaijani citizens," he said. "This refers to those traveling to EU countries for education, treatment or to see relatives. The agreement also envisages the introduction of a visa free system for individuals with diplomatic passports."

Azerbaijani State Oil Fund submits draft state budget-2014 for approval

At a regular meeting, the Supervisory Board of Azerbaijani State Oil Fund (SOFAZ) submitted the draft state budget for 2014 for the approval of the Azerbaijani president.

According to the message, projects for the main direction of use for SOFAZ's funds, including the investment policy, as well as estimates of primary expenditures were also submitted for the approval of the Azerbaijani president at a meeting held under the leadership of the chairman of the Fund's Supervisory Board, Prime Minister of Azerbaijan Artur Resizade.