Last week review (april 13-17)

Analysis Materials 21 April 2015 16:09 (UTC +04:00)

April 13

Azerbaijan, Tatarstan to expand cooperation in different areas

Azerbaijan and Tatarstan have the opportunity to expand cooperation in such areas as petroleum engineering, petrochemistry, pharmaceutics, information and communication technologies, as well as tourism, Azerbaijani Minister of Economy and Industry Shahin Mustafayev said.

Mustafayev made this statement at the Azerbaijani-Russian business forum in Baku. President of the Republic of Tatarstan Rustam Minnikhanov attended the forum.

Mustafayev stressed successful development of relations between Azerbaijan and Russia, as well as with the entities of the Russian Federation.

He said that Azerbaijan and Tatarstan, having similar religion, culture and traditions, continue successful cooperation in various fields.

April 14

Azerbaijan starts assembling KAMAZ

The Ganja Automobile Plant has commissioned the production of KAMAZ vehicles, a source at the factory said.

"After the signing of the agreement with KAMAZ OJSC in February, an assembly line was established at the factory which has produced the first car today," said the source. "It is expected that the volume of production of the new assembly line will be 1,500 cars a year."

The opening of the new assembly line was attended Interim President of Tatarstan Rustam Minnikhanov, Azerbaijani Transport Minister Ziya Mammadov, head of the executive power of Ganja Elmar Valiyev and Director General of KAMAZ OJSC Sergey Kogoghin.

Serbia is ready to provide Azerbaijani investors with benefits

Serbia is ready to provide Azerbaijani companies with tax holidays if they want to invest in the chemical complex and agriculture of the country, Serbian Prime Minister Aleksandar Vučić said during the Azerbaijani-Serbian business forum in Baku.
He said that the state enterprises are being privatized in agriculture and chemical industry in Serbia.
"The matter rests in about 7,500 hectares of fertile land in the agricultural sector," he said. "There are also several chemical enterprises, in particular, the polypropylene production facilities. I think that Azerbaijani companies will show an interest in our proposal."
He said that Serbia is ready to provide the investors, willing to participate in these projects, with privileges.

April 15

SOCAR signs new contract worth 350 million euros

The State Oil Company of the Azerbaijan Republic (SOCAR) has signed a contract with Maire Tecnimont for the implementation of EPC-contract (engineering, procurement and construction contract) for the construction of polypropylene production within the framework of the project SOCAR Polymer. The total contract value is approximately 350 million euros.

The contract provides for rendering full technical services, procurement, installation work and construction activity before commissioning the project, as well as its trial.

Italian investments in Azerbaijan reach almost half billion dollars - minister

Italian companies have invested almost half a billion dollars in Azerbaijan's economy, Minister of Economy and Industry of Azerbaijan Shahin Mustafayev said in Baku during the Azerbaijani-Italian business forum.

"Some 66 companies with Italian capital operate in Azerbaijan, which invested $482 million in the economy of the country, $374 million of which fell on the oil sector," he said.

In addition, Italian companies are involved in the implementation of 8 projects totaling $810 million as contractors, the minister said.

Mustafayev mentioned light industry, particularly textiles among the promising areas of cooperation. The minister invited Italian companies to participate in Mingachevir industrial park, where they could create the appropriate enterprises.

Azerbaijan becomes co-founder of Asian Infrastructure Investment Bank

Azerbaijan has been approved one of the founding countries of the Asian Infrastructure Investment Bank that is being created on China's initiative, Azerbaijani Finance Ministry said.

The representatives of Azerbaijani Finance Ministry have been invited to the consultations dedicated to founding of the Asian Infrastructure Investment Bank to be held in Beijing Apr.27, according to the ministry.

The investments in infrastructure of developing regional members, including the power engineering, transport and telecommunications, agriculture, water supply, environment, urban planning and other productive sectors will be the priority areas of AIIB funding.

April 16

Azerbaijan invited for G-20

Azerbaijan is participating in the G-20 meetings at the invitation of Turkey, which has been chairing there this year.

The country's finance minister Samir Sharifov is participating in a meeting of finance ministers and the heads of the central banks of G-20 member-states, held in Washington April 16-17, the finance ministry said.

The senior representatives of the International Monetary Fund, the World Bank and the Organization for Economic Cooperation and Development will also attend the meeting.

Azerbaijan dissatisfied that Iranian companies operate in occupied territories of country

Measures must be taken against Iranian companies operating in the occupied territories of Azerbaijan, the minister of economy and industry of Azerbaijan, co-chairman of the State Commission on cooperation between Azerbaijan and Iran on economic, trade and humanitarian spheres Shahin Mustafayev said.

April 17

Russia sees development of Islamic banking through Azerbaijan

Russia hopes to learn from the experience of Azerbaijan in the field of Islamic banking, scientific director of the Gaidar Institute for Economic Policy Sergey Drobyshevsky said within the framework of the conference "Prospects of the Development of Islamic banking on the post-Soviet space" in Baku.

Drobyshevsky said that the presence of a subsidiary of the International Bank of Azerbaijan (IBA) in Russia must contribute to this. In addition, it will be easier to work in Russia for the Azerbaijani banks and businessmen than the Malaysian specialists of that sphere, where Islamic banking is also developed.

"There is no language barrier between Azerbaijan and Russia, they have similar culture and a lot in common," said Drobyshevsky.