Last week review (Oct. 27-31)

Analysis Materials 3 November 2014 16:55 (UTC +04:00)

Oct. 27

Azerbaijan-Georgia-Turkey corridor to provide electricity supplies to European market

Electricity will become an additional product in the development of Azerbaijan-Georgia-Turkey energy corridor.

The deputy minister of energy of Georgia Mariam Valishvili made the remarks in Baku during the XIII Conference on investments and regulation of energy of the Energy Regulators Regional Association.

She said that the development of Azerbaijan-Georgia-Turkey corridor is essential in ensuring the supply of electricity to the European market and will play an important role in the expansion of energy supplies from the Caspian region in the future.

Azerbaijan elected to ITU Council

Azerbaijan was elected to the Council of the International Telecommunication Union (ITU) in a group of countries in the 'C' region (Eastern Europe and Northern Asia), the Azerbaijani Ministry of Communications and High Technologies said.

The election was held as part of the ITU Plenipotentiary Conference in Busan (Republic of Korea).

Oct. 28

Falling oil prices pose no threat to Azerbaijani economy - CBA

The trend of falling oil prices on the world markets and sanctions against Russia do not pose a serious threat to the economy of Azerbaijan, the governor of the Central Bank of Azerbaijan (CBA) Elman Rustamov said at a meeting with the member companies of the Caspian European Club (CEIBC).

"At present, there is an ongoing trend of declining in oil prices," said Rustamov. "However, the impact of this factor on the economy of the countries is minimal due to the fact that the average price was $103-104 in 2014. Macroeconomic stability in the country, strategic currency reserves in the amount of 74 percent of GDP and the minimum level of public debt create possibilities for maneuvering in such conditions."

Rustamov also said that the degree of influence of sanctions against Russia for Azerbaijan is very low. "Azerbaijan is among the countries which will experience the weakest influence of these sanctions, since the country's dependence on Russia's economy is less than 3 percent," he said.

Oct. 29

Azerbaijan enters top 10 on greatest number of reforms in Doing Business-2015

Azerbaijan entered the top 20 countries on the ease of starting business in the annual ranking of Doing Business-2015 of the World Bank and the International Finance Corporation.

Compared with last year's results, Azerbaijan achieved the greatest success on such subheadings as the payment of taxes (33rd versus 77th a year ago), dealing with construction permits (150th against 180th) and connection to the electricity system (159th against 181st).

In general, Azerbaijan is ranked 80th.

President Aliyev: Security, stability main prerequisites for every country's development

In the issues related to security Azerbaijan mainly relies on the younger generation, Azerbaijani President Ilham Aliyev said at the First Global Forum on Youth Policies held in Baku.

President Aliyev said every country is interested and tries to reach maximum level of security and stability, because it is the main prerequisite for development.

"If you don't have stability and security, you will not have investment, and without investments even the developed countries in the world can't go forward. At the same time, every country must be interested in security and stability beyond its borders, because you're not living on an island. You have neighbors. Therefore, we are interested in having predictable and stable situation beyond our borders, as well as in Azerbaijan. This is how we look at issues related to regional security and regional cooperation."

Oct. 30

Czech company to take part in building artificial islands on Azerbaijani coast of Caspian Sea

The Czech Republic's biggest builder PSJ will take part in construction of a city on artificial islands near the coast of the Caspian Sea in Azerbaijan, the Prague Post agency said citing the Hospodarske noviny newspaper.
Reportedly, the value of the contract, singed by the PSJ for its participation in the project called the Khazar Islands, stands at 395 million euros.
PSJ will build four residential buildings as part of the project, the report said.
The company will start building the first residential building in spring 2015.
"We have signed a contract for one entire island, on which four buildings should be built," Jaroslav Jirkovsky, the PSJ export division director told the Hospodarske noviny. "We are now trying to secure funding for the first one, which should cost about 100 million euros."

The new city will be located on the artificial island No41, about 25 kilometers south of Baku.

Kuwait interested in ICT cooperation with Azerbaijan

Kuwait offered Azerbaijan to set up a joint technical group to develop cooperation in the field of information and communication technologies, the Azerbaijani Ministry of Communications and High Technologies said.

Kuwait's Minister of State for Youth Affairs Sheikh Salman Sabah Salem Al-Hamoud Al-Sabah met with Azerbaijani Minister of Communications and High Technologies Ali Abbasov in Baku and proposed to establish a joint technical group, a statement said.