Last week review (Apr. 11-15)
Japan invests nearly $5B in Azerbaijan's economy
Japanese companies have so far invested $4.8 billion in Azerbaijan's economy, says Azerbaijan's Deputy Economy Minister Sahil Babayev at a meeting with a delegation of Japan's Okinawa Prefecture, led by the Chairman of Okinawa Prefectural Assembly Masaharu Kina. Trade turnover between the two countries increased more than twofold throughout 2015 and stood at $558.1 million, said Babayev.
He said Azerbaijan, as a country that prioritizes non-oil sector in the economic development, has great opportunities for development of relations with Japan's Okinawa Prefecture, which specializes in agriculture, industry and tourism.
Azerbaijan, Kazakhstan, Georgia creating transportation consortium
Azerbaijan, Georgia and Kazakhstan established the International Trans-Caspian Transportation Consortium, said Nadir Azmammadov, spokesman for the Azerbaijan Railways CJSC. The agreement was signed in Baku during a meeting of the operator companies engaged in cargo transportation via the Trans-Caspian International Transport Route. Azerbaijani companies ADY Express and ACSC Logistics, Kazakhstan's KTZ Express and Georgia's Trans Caucasus Terminals LLC became members of the consortium.
Azerbaijani, Turkish presidents meet
President of the Republic of Azerbaijan Ilham Aliyev met with President of the Republic of Turkey Recep Tayyip Erdogan at the 13th Summit of the Organization of the Islamic Conference in Istanbul.
Azerbaijan to create Financial Stability Council
In order to pursue a coordinated policy in the financial system, Azerbaijan will create the Financial Stability Council, as an advisory body, read a message from the Financial Market Supervisory Body. The work on creating the Financial Stability Council was discussed during a meeting of the Board of Directors of the Financial Market Supervisory Body and it was decided to take further measures for this purpose.
WTO accession to create more trade, investment opportunities for Azerbaijan
During the meetings in Baku, Kurt Tong, US principal deputy assistant secretary of state for economic and business affairs is discussing how the US government is assisting Azerbaijan's economic growth and how that assistance can be improved. The program of Tong's visit to Baku includes the US State Department's prospective cooperation with Azerbaijan in trade, finance, telecommunications, transportation, commercial areas, according to the message.
The US believes it would be a very great idea for Azerbaijan to complete its accession for the WTO," he said. "This will create more opportunities for Azerbaijan in trade and investment, he told reporters.
Work on establishing Azerbaijan's "Azerspace-2" telecom satellite continues
The work on establishing Azerbaijan's second telecommunication satellite Azerspace-2 has already begun, Iltimas Mammadov, deputy minister of communications and high technologies, said. The work on the satellite's launch, which is planned for 2017, continues according to schedule, noted Mammadov. Currently, an executive of Azercosmos is in the US to get acquainted with the designing process at a plant of satellite's manufacturer - Space Systems Loral (SSL).
Azerbaijan, Romania, Georgia, Moldova to develop transit cargo transportation via railways
The railway authorities of Azerbaijan, Romania, Georgia and Moldova signed a memorandum of cooperation in transit cargo transportation, Nadir Azmammadov, spokesperson for Azerbaijan Railways CJSC, said.
The document was signed following the roundtable discussions on the development of the cargo transportation via the Europe-Asia corridor in Romania's Constanta city.
"During the roundtable, the parties discussed the possibilities of organizing cargo transportation from Europe to Asia through Romania's Constanta and Georgia's Poti ports through Georgia, Azerbaijan and Iran and in the opposite direction," said Azmammadov.