Last week review (Jan.12-16)
Azerbaijani President attends opening of several facilities in Sumgayit
President of the Republic of Azerbaijan Ilham Aliyev arrived in the city of Sumgayit on a visit. President Aliyev attended the opening of the "Alyans Tekstil" sewing factory in the city of Sumgayit. He launched the sewing factory and watched the production process in the factory. The president viewed the samples of products. Then President Aliyev attended the opening of a concrete plant.
Ilham Aliyev cancels decision on increasing fuel prices
Azerbaijani President Ilham Aliyev has cancelled the decision of the Tariff (price) Council on changing the prices for gasoline and diesel fuel, a message from Azerbaijani Ministry of Economy and Industry said.
In accordance with the order of President Ilham Aliyev, an extraordinary meeting of the Tariff Council was held, during which a decision on revising the prices for petroleum products was adopted.
The decision 'On regulating the tariffs for petroleum products in the country' dated Jan.12, 2015 was cancelled under the decision of the Council.
"As a result of decreasing the tariffs by 0.02 AZN in the form of road tax included in the prices for gasoline, diesel fuel and liquid gas produced in the country, the retail price for AI-92 gasoline will again be equal to 0.70 AZN per liter and diesel fuel - 0.60 AZN," according to the Council's decision.
The wholesale price for liquid gas was reduced to 263.6 AZN per metric ton and totaled 300 AZN including the road tax, according to the decision.
WB changes forecasts for Azerbaijan's economic growth for 2015
The World Bank has bettered the forecasts for Azerbaijan's economic growth for 2015, according to WB's January report - Global Economic Prospects - posted on its website.
The updated report said that Azerbaijan's GDP growth is expected to be 4.4 percent in 2015. Earlier, WB forecasted that the country's economic growth will be 4.1 percent in 2015.
Azerbaijani investments in Turkey to reach $20B until 2020 - President Aliyev
Azerbaijan and Turkey have excellent cooperation in the economic sphere, Azerbaijan's President Ilham Aliyev said in Ankara. The president was addressing a joint press conference with Turkey's President Recep Tayyip Erdogan, TRT Haber news channel reported.
"Billions of dollars have been in recent years invested by Azerbaijan in Turkey, and by Turkey in Azerbaijan," he said. "The volume of Azerbaijani investments in Turkey will reach $20 billion until 2020."
Azerbaijan, Kazakhstan agree to build TASIM's underwater segment
Azerbaijan and Kazakhstan reached an agreement for construction of the underwater segment of the Trans-Eurasian Information Super Highway (TASIM), Azerbaijan's Communications and High Technologies Minister Ali Abbasov said.
He said a contract with Kazakhstan is expected to be signed in the first half-year, and the construction work can begin by late 2015.
TASIM project envisages the creation of a major transit line from Frankfurt to Hong Kong. The network, which will link the largest information exchange centers in Europe and Asia, will run through China, Kazakhstan, Azerbaijan, Georgia and Turkey to Germany.