Last week review (may 12 – 16)

Analysis Materials 19 May 2014 17:17 (UTC +04:00)

May 12

Azerbaijan's economic stability to be ensured in coming years as well

The revenue part of Azerbaijan's state budget has been executed by 101.8 percent as of 2013, the country's Deputy Finance Minister Azer Bayramov said.
The deputy minister made the remarks at the meeting of the parliamentary commission on economic policy, during discussions on the draft law 'On the execution of the state budget for 2013'. He said that the revenues of the state budget have increased by 2.215 billion manats, or 12.8 percent compared to 2012, and amounted to 19.496 billion manats as of 2013.
Sevinj Hasanova, Azerbaijan's Deputy Minister of Economy and Industry pointed out that the country's gross domestic product (GDP) increased by 5.8 percent and stood at 57.7 billion manats in 2013. The GDP per capita increased by 4.4 percent and totaled over 6,207 manats (around $7,912) in the same year. Azerbaijan's strategic currency reserves increased by nine percent and exceeded $50 billion in 2013.

Azerbaijan, France sign 11 documents at business forum

Some 11 documents were signed during the Azerbaijani-French Business Forum held in Baku.

The decision of the Azerbaijani-French Chamber of Commerce Public Association's Founding Assembly was signed during the forum.

A friendship and cooperation agreement was also signed between Azerbaijani Ganja city, the districts of Shamkir, Goygol and Balakan and Yonne Department of France's Burgundy Region.

A friendship agreement was further signed between Azerbaijani Tovuz city and French Cognac city.

A memorandum of understanding in the area of earth observation services was signed between the French Airbus Defence and Space and Azerbaijani Azerkosmos JSC.

An agreement on practical trainings, the know-how exchange and technical assistance was signed during the forum between Azersu OJSC (Azerbaijani water operator) and Suez Environnement.

A memorandum of understanding on cooperation between the Sumgait Chemical Industrial Park and French Air Liquide was also signed.

Bouygues Travaux Publics and Baku Metro CJSC also signed a memorandum of understanding on reconstruction of the 'May 28' metro station and the construction of the second stretch of the 'green' Khatai-Hazi Aslanov-2 branch.

A memorandum of understanding for conducting primary research and for cooperation in education and training was also signed.

May 13

EBRD approves new strategy on Azerbaijan

European Bank for Reconstruction and Development approved a new activity strategy for Azerbaijan. The text of the document, approved by the Bank`s Board of Directors was posted on the website of the bank.

The strategy of the bank`s activity in Azerbaijan scheduled for three years and covers the period from 2014 to 2017.

"Azerbaijan has reached a critical stage in its development. Since 2017, oil production will decline, and economic dependence on accumulated hydrocarbon revenues is very high. Diversification of the economy will be of crucial importance in order for Azerbaijan to enter the post-oil period with a modern and developed private sector. The government of the country adopted ambitious targets on the diversification within the development concept of ''Azerbaijan 2020: Looking to the Future'', and has made some progress in the modernization of the economy. Nevertheless, the implementation of structural reforms for the support of growth in the sectors other than oil should be accelerated," the document said.

Azerbaijan, Saudi Arabia sign double taxation avoidance protocol

Azerbaijan's Foreign Minister Elmar Mammadyarov and Saudi Arabia's Finance Minister Ibrahim bin Abdulaziz bin Abdullah Al-Assaf signed a protocol on the avoidance of double taxation and prevention of tax evasion.

May 14

AJW Aviation signs power-by-the-hour pool access agreement with Azerbaijan Airlines

AJW Aviation, the world's leading independent complete aircraft spares support specialist, signed a new power-by-the-hour pool access agreement with Azerbaijan Airlines, the company reported on its official website.

The five year agreement will cover two A340-500 aircraft, the report said.

AJW have been recently contracted to carry out the rebranding of Azerbaijan Airline's entire fleet by late 2013.

Azerbaijan Airlines (AZAL) has selected UK A J Walter Aviation (AJW) and British Airways Engineering for providing power-by-the-hour component support for its new fleet of Boeing 787 aircraft which will commence flight operations in 2014. AJW and British Airways Engineering will provide extensive component supply, inventory management and repair services.

May 15

Azerbaijani president attends opening of five-star hotel in Shamakha district

Five-star "Şamaxi Palace Platinum by Rixos" hotel has opened in Sharadil village, Shamakha district.

President Ilham Aliyev attended the opening ceremony.

Azerbaijan, Poland agree to cooperate in securities market development

The Azerbaijani State Securities Committee and the Polish Financial Control Agency prepared a draft memorandum of understanding on bilateral cooperation.
The draft memorandum was prepared for the further expansion of bilateral relations, sustainability and determining the legal framework of relations.

This document was prepared as part of the twinning project "Bringing Azerbaijan on the securities market in line with EU legislation and institutional development of the Azerbaijani State Securities Committee", which was launched 20 months ago.

The twinning project is being implemented in collaboration with the Polish Financial Control Agency through EU funds.

Azerbaijan to study South Korea's experience in supporting IT-business

Azerbaijan and South Korea have agreed to cooperate in the ICT sector.

Executive Director of Azerbaijani State Fund for Development of Information Technologies, Elchin Zeynalov said that the State Fund and South Korea's Small and Medium Business Corporation (SBC) reached a tentative agreement in this sector.

May 16

Fitch affirms Azerbaijan Mortgage Fund at 'BBB-'; Outlook Stable

Fitch Ratings has affirmed Azerbaijan Mortgage Fund under the Central Bank of Azerbaijan Republic's (AMF) Long-term foreign and local currency Issuer Default Ratings (IDR) at 'BBB-'. The Outlook is Stable.

Azerbaijani, Kazakh petroleum geologists agree to cooperate

Azerbaijani and Kazakh petroleum geologists have agreed to cooperate.

The parties signed a cooperation agreement after a meeting between the SOCAR First Vice-President, Khoshbakht Yusifzadeh and Kazakh Petroleum Geologists Society's Chairman, Baltabek Kuandykov.

Under the agreement, the two sides will hold joint research and geological exploration activities, as well as exchange the personnel and hold various consultations.