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Last week review ( Dec. 9 - 13 )

Analysis Materials 17 December 2013 15:07 (UTC +04:00)

Dec. 9

State committee: Azerbaijan to introduce European standards in land valuation

Azerbaijan is to introduce European standards in the field of land valuation, Chairman of the Azerbaijani State Committee for Land and Cartography, Garib Mammadov said at an international conference entitled 'Importance of land valuation for the country, problem settlement', in Baku.

The conference was held as part of a twinning project on supporting the State Committee in the creation of a modern system of the state land data registration by improving the economic evaluation in accordance with EU standards.

Deputy minister: Azerbaijan to diversify export to EU

Azerbaijan intends to diversify its export to the EU countries, Azerbaijani Deputy Foreign Minister Mahmud Mammadguliyev said at a press-conference following the 14th meeting of the EU-Azerbaijan Cooperation Council in Brussels.

"We discussed the part of the association agreement concerning trade and development of trade relations between the EU and Azerbaijan as part of this document," he said.

"The EU is one of the largest trading partners of our country," he said. "More than 40 percent of Azerbaijan's foreign trade turnover falls to the EU countries. Of course, most of the trade turnover with Europe comes from oil and oil products. We also hope that there will be gas in the future. Azerbaijan intends to develop and diversify exports to increase share of the non-oil sector of the national economy in the general trade turnover with the EU."

Dec. 10

Minister: Azerbaijan, Kazakhstan to develop energy co-op

Azerbaijan and Kazakhstan intend to continue to strengthen and develop bilateral relations especially in the sphere of energy, Azerbaijani Energy Minister Natig Aliyev said after a meeting of the Azerbaijan-Kazakhstan intergovernmental commission on economic cooperation.

"We discussed the development of cooperation which literally covers all spheres. The economic and trade relations between our countries also demonstrate growth: the trade turnover grew by 42 percent in a year, while there was observed negative dynamics due to the effects of the global economic crisis in 2012," Aliyev said.

Dec. 11

Azerbaijan, Saudi Arabia sign protocol of third meeting of intergovernmental commission

A protocol was signed in Baku based on the results of the third meeting of the intergovernmental commission on cooperation in the spheres of economy, trade, investments, technology, culture, sports and youth between Azerbaijan and Saudi Arabia.

The protocol was signed by the Azerbaijani Minister of Economy and Industry Shahin Mustafayev and the head of Saudi Arabian General Investment Authority Abdullatif Al Othman.

Trade and economic relations between the two countries actively develop, Mustafayev said at the commission's meeting. Currently, six companies with Saudi capital operate in Azerbaijan and invest around $368 million in the country's economy.

To expand trade relations between the countries, it was deemed advisable to sign a memorandum of understanding between the Azerbaijan's Entrepreneurs Confederation and Saudi Arabia's Chamber of Commerce based on the results of yesterday's business forum.

Azerbaijani insurance agents to pass mandatory certification

Insurance agents in Azerbaijan will pass mandatory certification, head of Licensing, Application and Complaint Department of the State Insurance Supervision Service under the Ministry of Finance of Azerbaijan, Mahir Abdullayev said.

He made the remarks at the II National Forum of Insurance Agents held in Baku.

"Corresponding changes to the law on insurance activity will come into force in the near future. Certification will be conducted every three years starting from the day of issuance of a license to the agent," Abdullayev said.

He added that the certification is essential for insurance agents to have necessary knowledge on latest changes in profile legislation and required qualification.

Abdullayev also said this does not mean that the term of a license, issued to insurers, will be limited.

The license is issued and will be available indefinitely," the head of the department said.

Minister: Azerbaijan to participate in ensuring sustainability of region's energy sector

Azerbaijan will participate in ensuring the sustainability of the region's energy sector and will cooperate with Georgia and Turkey, Azerbaijani Energy Minister Natig Aliyev said.
The Azerbaijani delegation headed by the minister attended opening ceremony of Akhaltsikhe substation and high voltage power lines, which is a part of the Black Sea transmission network project in Georgia.

Additionally, Georgian Prime Minister Irakli Garibashvili, Turkish Minister for Energy and Natural Resources Taner Yildiz, EU representatives and other senior officials took part at the ceremony.
The Black Sea transmission network project is a part of the Azerbaijan-Georgia-Turkey power bridge project that will allow export of electricity from Azerbaijan to Georgia and Turkey and further to Europe.

Dec. 13

Azerbaijan prepares action plan for energy efficiency by 2021

The Azerbaijani Ministry of Industry and Energy is preparing a National Action Plan for Energy Efficiency covering 2014-2020, head of the investment department of the ministry, Ramiz Rzayev said at a conference on rational energy purchases in buildings belonging to the public sector.

Up to 40 per cent of energy resources consumed in Azerbaijan can be saved. That means the level of efficiency of energy use in the country is not yet at the desired level, Rzayev said.

ADB approves third tranche of investment program for water supply in Azerbaijan

Asian Development Bank (ADB) has approved the third tranche of the multi-tranche financing of the investment program for water supply and sewerage in Azerbaijan valued at $ 600 million, the bank said.

It is planned to carry out work on reconstruction of water supply and sewerage system in Agjabadi city, as well as to carry out works in the territory of Nakhchivan not covered by previous projects by using the funds of the third tranche in the amount of $150 million. The multi-tranche package was approved in September 2009.

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