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Last week review (Sept.15-19)

Analysis Materials 23 September 2014 14:47 (UTC +04:00)

Sept. 15

Azerbaijan, Russia agree on establishment of fair trade center in Moscow

Azerbaijan and Russia have agreed on the establishment of a fair trade center in Moscow, ITAR-TASS reported.

The relevant agreement was signed following the 14th meeting of the bilateral intergovernmental commission in Baku. The document was signed by Russian Deputy Minister of Economic Development Alexei Likhachev and Azerbaijani Minister of Economy and Industry Shahin Mustafayev.

Moreover, Russian Deputy Prime Minister Dmitry Rogozin and Azerbaijani First Deputy Prime Minister Yaqub Eyyubov signed a protocol of the 14th session of the Intergovernmental Commission on Trade and Economic Cooperation.

Agrarian sector, tourism, ICT are directions for expanding Azerbaijan-Germany cooperation

As of 2013, the trade turnover between Azerbaijan and Germany increased by 25 percent and hit $2.2 billion. The trade relations between the two countries increased by 15 percent in January-July 2014, Azerbaijani Minister of Economy and Industry Shahin Mustafayev said at a meeting with a delegation of the German Parliament in Baku.

During the meeting they discussed the prospects for the expansion of economic relations between Azerbaijan and Germany. They added that there are broad opportunities for developing the cooperation in the fields of industry, production and processing of agricultural products, tourism, ICT and others.

German bank allocates over $320M more to Azerbaijan

Azerbaijani government is in talks with the KfW Development Bank of Germany for the provision of additional 250 million euros (over $320 million) loans, Deputy Prime Minister of Azerbaijan Abid Sharifov said.

Sharifov made the remarks in the city of Ganja at the opening of the Goygol-Ganja main water pipeline, built as part of the 'Open Program of Public Infrastructure,' financed by the KfW and the Swiss State Secretariat for Economic Affairs (SECO).

Sept. 16

Azerbaijan exploring new prospects of cooperation with Iran

It is planned to explore new prospects for cooperation between Iran and Azerbaijan during the Azerbaijani Economy and Industry Minister Shahin Mustafayev's visit to Iran, IRNA news agency said.

Mustafayev is accompanied by a delegation of representatives of the Nakhchivan Autonomous Republic's Supreme Assembly, State Oil Company of Azerbaijan (SOCAR), the ministries of foreign affairs, transport and emergency situations, and Azerenerji JSC.

Sept. 17

Azerbaijan Railways commission new emergency base

Azerbaijan Railways has commissioned a new base "Train Emergencies LLC".

The base located in Bilajari is intended for disaster and emergency situations on the railways.

Work on the creation of the base has been carried out within the framework of the "State program for the development of the railway system of Azerbaijan for 2010-2014" approved by the President on July 6, 2010.

Azerbaijan may become world-class financial centre on basis of Dubai model

Dubai Chamber of Commerce and Industry organized a three-day Azerbaijan Bankers Trade Mission to Dubai from September 16 to 18, CPI Financial said.

The trade mission, led by Farid Akhundov, CEO, Pasha Bank, consisted of 10 leading Azerbaijani bankers, and senior representatives from the Central Bank of Azerbaijan, Baku Stock Exchange, and Azerbaijan Banking Association.

Iran, Azerbaijan to create joint investment committee

Iran and Azerbaijan agreed to create a joint investment committee.

The agreement was reached at a meeting between Azerbaijan's Economy and Industry Minister Shahin Mustafayev and Iran's Economic Affairs and Finance Minister Ali Tayebnia.

Sept. 18

Azerbaijan, Montenegro have good opportunities for development of commercial ties

President of the Republic of Azerbaijan Ilham Aliyev has received a delegation led by Prime Minister of Montenegro Milo Dukanovic.

During the meeting, the sides expressed their satisfaction with the development of bilateral relations between the countries. The parties stressed that there is good potential for the development of ties in various spheres, including energy, infrastructure, banking sector, tourism and education.

EBRD revises forecast for economic growth in Azerbaijan

Azerbaijan's GDP growth rates in 2014 are projected at 3 percent, the European Bank for Reconstruction and Development's report "Regional economic prospects in the countries with the EBRD operations" said.

The forecast for economic growth in the country in 2014 was 3.5 percent, EBRD May report says.

"The slowdown in the economy growth rates was caused by the temporary decline in oil production in the country," the report says. "This decreased the GDP forecast to 3 percent in 2014-2015.".

Sept. 19

IFC helps improve Azerbaijani loan products secured by movable property

International Finance Corporation and the Central Bank of Azerbaijan have finalized the draft law on secured transactions, providing the establishment of moveable property registry in the country, the IFC project coordinator for the financial infrastructure strengthening in Central Asia and Azerbaijan (ACAFI) Teymur Heybatov said.

Creation of movable property registry in the country will affect the number of issued loans, in particular to small and medium-sized business entities. Today the entrepreneurs, in whose assets there is a lack of real estate, having difficulty while attracting credit resources.

The registry will allow registering the right to demand movable property when it acts as collateral for the loan.

Iran calls for re-launching Baku- Anzali shipping line

Iran expressed readiness for re-launching the Baku- Anzali shipping line to boost mutual ties, Reza Masrour, head of the Anzali Trade-Industrial Free Zone organization said.

Masrour also encouraged Azerbaijani investors to invest in Anzali Free Zone, saying Islamic Republic offers tax breaks for Azerbaijani businessmen who invest in the zone. He went on to add that there is no limitation for Azerbaijani investors in terms of ownership.

He also stressed that there are no tax and duties for raw materials and machineries imported for productions manufacturing in the zone. The investors can take their capital of the zone whenever they want, the official stressed.

Sept. 20

Aliyev attends Southern Gas Corridor groundbreaking ceremony

Azerbaijani President Ilham Aliyev attended the Southern Gas Corridor groundbreaking ceremony at the Sangachal terminal.

The officials from Georgia, Turkey, European countries and the U.S also attended the event.

Azerbaijani president receives UK Minister of State for Trade and Investment

President of the Republic of Azerbaijan Ilham Aliyev has received Minister of State for Trade and Investment of the United Kingdom of Great Britain and Northern Ireland Lord Livingston.
During the meeting, the sides said that bilateral relations between the Republic of Azerbaijan and the United Kingdom of Great Britain and Northern Ireland were at a high level, and exchanged views on prospects for cooperation, which is developing rapidly.
Special attention paid to the development of information and communication technologies, non-oil sector, agriculture, healthcare and education and the implementation of infrastructure projects in Azerbaijan was emphasized.

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