Last week review (June 23-27)

June 23

Qabala hosts fifth Azerbaijani-Russian interregional forum

The fifth Azerbaijani-Russian interregional forum "Interregional cooperation: new opportunities for growth" started in Azerbaijani region of Qabala.

"This forum is an example of successful cooperation between the two countries, based on the good-neighborliness and friendship principles," Azerbaijani Minister of Economy and Industry Shahin Mustafayev said.

The sides discussed cooperation prospects in energy, transport and consider the possibility of expanding cooperation in the sphere of tourism, investments, agriculture at a two-day forum.

Iran invites Azerbaijani entrepreneurs to take part in number of exhibitions

Iranian embassy in Azerbaijan has announced a number of exhibitions to be held in Iran in 2014 and 2015, inviting Azerbaijani entrepreneurs as well to take part in them, Azerbaijan Export and Investment Promotion Foundation (AZPROMO) said.

"The exhibitions are devoted to such areas as metallurgy, ICT, digital services, engineering, railway transport, as well as architecture, construction technologies, medicine, banking, insurance and other areas," according to a message.

June 24

Quality of Azerbaijani banks' loan portfolio returns to pre-crisis levels, CBA says

The quality of Azerbaijani banks' loan portfolio has returned to the pre-crisis level, Azerbaijani Central Bank (CBA) Director General, Rashad Orujov said at a roundtable meeting titled 'Development of inter-bank cooperation between Russia and Azerbaijan' as part of the 5th Azerbaijani-Russian interregional cooperation forum, held in the city of Gabala.

"The loan portfolio's quality is very good - the bad loans do not exceed 6 percent, this is quite a low figure. The important thing is that reserves have already been created on 80 percent of such loans, and we can say that, in fact, the share of unmanaged loans is about 2 percent, and we returned back to the figures of 2008," Orujov said.

Azerbaijan, Russia sign 11 documents on cooperation

Azerbaijan and Russia signed 11 documents on cooperation on the results of the 5th Azerbaijani- Russian forum of interregional cooperation which was held in Gabala.

A memorandum of understanding was signed between the Azerbaijani Ministry of Economy and Industry and the Russian Ministry of Regional Development.

The cooperation agreements were signed among the Astrakhan Tourist Union and Azerbaijan Tourism Association, the Ural tourism association and Azerbaijan Tourism Association, between the "Astrakhan regional channel" LLC and the regional TV of Azerbaijan. Furthermore, a memorandum of understanding was signed between the Russian investment agency and the Azerbaijani Fund Export and Investment Promotion (AZPROMO).

The agreements on the cooperation have been signed with a number of Azerbaijani and Russian companies within the framework of the forum.

Azerbaijan, Russia prepare roadmap to construct border bridge over Samur River

Azerbaijan and Russia have prepared a roadmap for construction of a border bridge across the Samur River, Russian Deputy Transport Minister Sergei Aristov said at a plenary session of the 5th Azerbaijani-Russian interregional cooperation forum, held in Gabala.

"Our experts have prepared a roadmap for the project's implementation, including timeframes, targets and all the necessary documents," he said.

Aristov also said the issues regarding the trilateral project on construction of a new railway between Azerbaijan, Russia and Iran were discussed at the roundtable meeting held as part of the forum.

Aristov also noted that the restoration of trips between Baku and Astrakhan ports was also discussed. He added that there is no obstacle for this on the Russian side.

June 25

Azerbaijan Caspian Shipping Company conducts asset revaluation

Azerbaijan Caspian Shipping Company CJSC is negotiating with major international companies on the preparation of the development strategy of the company for the following 15-20 years, the CJSC head, Rauf Valiyev made the remarks at the event dedicated to the celebrating Sailor`s Day in Azerbaijan.

The main task set before the company is to maintain its position in the freight market under the competitive environment in the Caspian Sea, he said.

Valiyev also noted presently work is being carried out on the revaluation of assets of the company and determination of their market value within restructuring of the CJSC and its future development.

Azerbaijan significantly improves positions in UN ranking on e-government development

Azerbaijan ranked the 68th in the UN world rankings on e-government development, according to the "United Nations E-Government Survey 2014: E-Government for the Future We Want" report.

Azerbaijan has moved 28 points forward compared to the previous rating held in 2012.

The countries in the rating E-Government Survey 2014 are ranked depending on the E-Government Development Index (EGDI), which is a composite indicator that measures the willingness and ability of governments to use ICT to provide services to the public.

The index covered 193 countries.

June 27

Azerbaijani steel producer signs major contract for purchasing special equipment

Dashkesen Filizsaflashdyrma JSC, which is a part of Azerbaijan Steel Production Complex CJSC, has signed a leasing and warranty contract for supply of mining trucks from Belarus.

The enterprise will purchase some 12 BelAZ-7547 and BelAZ-75131 mining trucks under the contract signed with the Irridio Motors leasing company of the BelAZ CJSC.

The agreement has been signed for four years with the rate of four percent per annum.
The load bearing capacity of 10 purchased BelAZ-7547 trucks is 45 tonnes, while the bearing capacity of two BelAZ-75131 trucks is 140 tonnes.

The vehicles will be used in production of iron ore. Their use will reduce the cost of production at least by 20 percent.

June 28

Southern Gas Corridor historic project, initiated by Azerbaijan, President Aliyev says

Today, the national security of the countries cannot be separated from energy security, Azerbaijani President Ilham Aliyev said at the opening ceremony of the 23rd Annual Session of the OSCE PA in Baku.
The president said Azerbaijan is the first country in the world to connect the Caspian Sea, Black Sea, Mediterranean Sea, and has diversified the network of pipelines.
"That allowed us to diversify our supply roots, and do not depend on any supply route, which is important for us as producers. And we also helped our partners to diversify, to get additional energy resources," he said.

"The EU-Azerbaijan relations are also partly based on energy cooperation and in a memorandum that was signed between the President of the European Commission and me, Azerbaijan was identified as the main supporter and enabler of the Southern Gas corridor," President Aliyev said, adding that the Southern Gas Corridor is a historic project, initiated by Azerbaijan.

"We have taken the biggest financial burden, the biggest responsibility, and we are implementing this project," the president said.

Azerbaijani logistics center to be founded in Aktau

The construction of the "Azerbaijani production and logistics center" started in Aktau, the Azerbaijani Ministry of Economy and Industry said.

"A delegation headed by Minister Shahin Mustafayev attended the ceremony," according to a statement.

Baku held Azerbaijani-Kazakh business forum.

Uzbek-Korean JV names volume polyethylene output in 2020
Uzbek-Korean JV names volume polyethylene output in 2020
Benefits provided for Uzbek entrepreneurs likely to be extended
Benefits provided for Uzbek entrepreneurs likely to be extended
Uzbekistan, Turkey to work on approving agreement on preferential trade
Uzbekistan, Turkey to work on approving agreement on preferential trade
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