Last week review (may 12 – 16)

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.

Iran aims to boost export of mineral products
Iran aims to boost export of mineral products
Turkey's export to D-8 countries down from Jan. through Apr. 2020
Turkey's export to D-8 countries down from Jan. through Apr. 2020
Chamber of Commerce talks problems created by ministries' merger in Iran
Chamber of Commerce talks problems created by ministries' merger in Iran
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Spain reports first new COVID-19 death since Sunday
Azerbaijani Cabinet of Ministers: Borders remain closed due to current situation
EIB funds construction project in Georgia
TABIB: If people abide by quarantine regime rules, restrictions not to be further introduced in Azerbaijan
Georgia prepares for peach and nectarine harvesting season
Azerbaijani PM to reveal details related to restrictions
Volume of deposits in national currency greatly increases in Azerbaijan
Activity of Facebook users in Azerbaijan keeps growing
Operational Headquarters: Going outside may be banned in some Azerbaijani cities
TABIB: Shopping malls planned to be fully closed on weekend in Azerbaijan
Azerbaijan names economy sector with biggest share of credit investments
Kazakhstan to up its gross agricultural output before year-end
Azerbaijani Cabinet of Ministers:Tightening quarantine regime rules under discussion
Ministry of transport eyes transferring airports of Uzbekistan to foreign investors
Timeframe for orbiting Turkish satellites Turksat 5A, Turksat 6A announced
Azerbaijan discloses data on collection of premiums in insurance market in April 2020
Bank of Georgia launches campaign to support farmers
Iran aims to boost export of mineral products
Azerbaijan confirms 325 new COVID-19 cases
Azerbaijani Azexport portal notes growing export orders after softening quarantine regime
Azerbaijan State Tax Service talks concessions made to taxpayers
Azexport portal talks availability of Facebook Shop in Azerbaijan
Azerbaijani president attends ceremony to launch drinking water supply and sewerage systems in Aghjabadi (PHOTO)
Azerbaijani president inaugurates “ASAN xidmet” center in Aghjabadi (PHOTO)
Azerbaijani president attends ceremony to start grain harvest in Aghjabadi
Export of carpets from Turkey abroad drops two-fold in May 2020
Association of Uzbek textile manufacturers talks about progress of industry
Travel by railway remains suspended in Georgia
Ambassadors of EU member states interested in reopening tourism sector in Georgia
Turkey's export of defense products from January through May 2020 declines
Magnitude 6.8 earthquake hits northern Chile, copper mines say unaffected
France says latest U.S. trade threats over digital tax a 'contradiction'
SOCAR subsidiary starts producing raw material for medical masks fabric
Azercell introduces new “Mobile TV” service for kids
Trump administration set to bar Chinese passenger carriers from flying to U.S.
Investments help Kazakhstan raise agriculture goods processing
Turkmenistan's Dashoguz region growing foreign potatoes
Italy may use new Kazakhstan-tested platform to track quarantine compliance
Azerbaijani president visits military unit in Aghdam
Baku Stock Exchange pays interest on bonds of Azerbaijan Mortgage and Credit Guarantee Fund
Georgia, Estonia discuss cooperation in field of transportation, tourism
Agriculture sector digitalization leads to significant money savings in Kazakhstan
Turkey's export of cars abroad from January through May 2020 slips
Airlines cut fares to help boost May traffic
Export of Turkey's export of ready-made clothes down compared to 2019
Georgia expects average cherry crop
Netherlands, Azerbaijan could create train connection
Azerbaijan developing new alternative energy project
Saudi, Russia reach deal on oil cuts, raising pressure for compliance
Uzbek textile products in great demand on French market
German bans digital doppelganger passport photos
Textile industry of Uzbekistan - fastest growing sector of country's economy
Quarantine regime to be strengthened in Kazakhstan’s Almaty city
Azerbaijani enterprise starts exporting canned goods to US
EU implements new projects to support vulnerable groups in Georgia
Payments of insurance claims by four Azerbaijani insurers decline
Export of Turkey's leather products to int'l markets down
Azerbaijani Azexport portal talks Facebook Shops integration
Kazakhstan's Samruk-Kazyna decreases its share in Kazatomprom
ADB continues to support Azerbaijan’s efforts to diversify its energy mix
Turkmenistan’s Turkmenhimiya opens tender to buy various equipment, spare vehicle parts
Turkey's export of wood, furniture abroad from January through May 2020 plummets
Coronavirus negatively affects almost all sectors of Georgian economy
Kazakhstan records decrease in money transfer volume
Oil, gas exploration work to be held throughout Turkey
Uzbek-Korean JV opens tender for procurement of pump repair kit
Hajj pilgrimage from Azerbaijan may not take place this year
Azerbaijan's Agricultural Insurance Fund talks managing company branding
Azerbaijan's pomegranate association aims to increase export volumes
BoE says advising banks to prepare for possible no-deal Brexit
16 insurance companies increase payment of insurance claims in Azerbaijan
Belgium to open bars and restaurants but not nightclubs
Azerbaijani president attends inauguration of Tartar branch of “Azerkhalcha” OJSC (PHOTO)
GNERC: Over 20% of business entities provided with internet services in Georgia
Cargo transshipment through Turkey's Antalya port disclosed
Turkey's export of grain, legumes to int'l markets marginally up
Exhibition of historical Baku photos opens on Baku boulevard (PHOTO)
Azerbaijani pomegranate association reveals new export targets
Turkey's export to D-8 countries down from Jan. through Apr. 2020
Turkmenistan’s Dashoguz region completing preparations for wheat harvesting
Sumgait Technologies Park talks export of aluminum to Central Asia
Cargo transshipment from Greece via Turkish ports disclosed
State share of Kafolat Insurance Company sold in Uzbekistan
Azerbaijan's Central Bank talks problematic insurance companies
Uzbek Ipak Yuli Bank, EBRD increasing their support to entrepreneurs of Uzbekistan
Uzbek-Korean JV buys sockets, switches via tender
Bank loans on rise in Azerbaijan
Turkey, US trade turnover suffers drop in April 2020
Azerbaijani president opens newly renovated highway (PHOTO)
Turkmenistan evaluates new varieties of cotton
Net revenue of Kazakhstan's KazMunayGas plummets in 1Q2020
Turkish ministry reveals cargo transshipment through local Hopa port
Azerbaijani president launches newly renovated 'Tartar' power substation (PHOTO)
Chamber of Commerce talks problems created by ministries' merger in Iran
Coronavirus body count in Iran surpasses 8,000
Kazakh uranium producing company opens tender for equipment repair
Uzbekneftegaz, LUKOIL to create joint venture to develop fields in Uzbekistan
Azerbaijani president attends opening of Tartar Olympic Sports Complex
Kazakhstan's oil & gas company to buy spare parts for piston pumps via tender
Uzbekistan supports local tourism sector
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