June 13
ADB ready to support improvement of Azerbaijan’s financial sector
The Asian Development Bank (ADB) is ready to support Azerbaijan's financial sector improvement.
This was announced at the meeting of members of the board of directors of Azerbaijan's Financial Market Supervisory Body with the ADB delegation headed by the bank's Executive Director Mathew Fox.
The ADB executive director at the meeting stated about support for important steps taken to ensure stability of Azerbaijan's financial sector and the recently implemented reforms.
June 14
South Korea keen to expand participation in Azerbaijan’s infrastructure projects
South Korean companies want to expand their participation in the implementation of infrastructure projects in Azerbaijan, YONHAPNEWS agency reported citing South Korea's Ministry of Trade, Industry and Energy.
This issue was discussed in Seoul during the first round of negotiations between Azerbaijan and South Korea, in which Azerbaijan's Deputy Minister of Communications and High Technologies Iltimas Mammadov took part.
The sides agreed to expand bilateral economic cooperation in the spheres of infrastructure and industry.
New mechanism exempts Azerbaijani entrepreneurs from land tax
The total volume of investments on 15 projects, which have received a relevant promotion document, will be 160 million manats in Azerbaijan, the country's Economy Minister Shahin Mustafayev said.
The investment promotion documents were handed to representatives of 15 companies during the conference on "Investment promotion: new approaches and priorities" in Baku.
Mustafayev said the new mechanism exempts the entrepreneurs from land tax and provides them with 50 percent benefit when paying the income tax.
"I want to emphasize that the import of equipment and technologies by entrepreneurs for the implementation of these projects is fully exempt from the value-added tax and customs duties," said the minister. "The implementation of those projects will make it possible to create over 1,400 new jobs."
U.S.-Azerbaijan Open Skies Agreement enters into force
The U.S. Departments of State, Transportation, and Commerce announce that on June 14, the United States and Azerbaijan completed an exchange of diplomatic notes that brought into force the U.S.-Azerbaijan Open Skies Agreement, which was signed on April 6, 2016.
The signing of this agreement was the result of more than three years of negotiations.
The bilateral agreement will simplify the process of making flights between the US and Azerbaijan and contribute to an increase in the number of commercial flights.
June 16
Azerbaijan leads CIS in solving issues with youth employment
Azerbaijan is the leader among the CIS countries on addressing youth employment issues, Minister for Labour and Social Protection of Population of Azerbaijan Salim Muslimov said.
He made the remarks at a conference in Baku dedicated to the preparation of decent work program for 2016-2020.
"Azerbaijan is the only CIS country included by the International Labour Organization (ILO) in ten leading countries on addressing youth employment issues," he said. "Employment strategy approved by Azerbaijani president in 2005, as well as other state programs, is highly appreciated on many international forums."
Latvia proposes Azerbaijan to co-op in pharmaceutics, health tourism
Latvia proposes Azerbaijan to consider the possibility of cooperation in the spheres of environmentally friendly technologies, food industry, pharmaceuticals and health tourism, said Latvia's Minister for Transport Uldis Augulis.
He made the remarks during the 6th meeting of Azerbaijan-Latvia intergovernmental commission on economic, scientific, technical and cultural cooperation in Riga.
The priority areas of cooperation between the two countries include joint investment projects, increasing the volume trade turnover, effective use of international transportation corridors, communication in the spheres of education, agriculture, construction, tourism and health, according to Augulis.
Azerbaijan becomes ECOSOC member
Azerbaijan has been elected member of the United Nations Economic and Social Council (ECOSOC) for 2017-2019.
This decision has been made as a result of elections at the UN General Assembly.
Azerbaijan's Foreign Ministry said June 16 that the country has been supported by 176 states (out of 185) to be elected as a member of the ECOSOC for 2017-2019.
Azerbaijan's membership at the ECOSOC will last from January 2017 until December 31, 2019.
June 17
7th Azerbaijani-Russian interregional forum to be held in Baku until year-end
Azerbaijan will host the 7th Azerbaijani-Russian interregional forum in December 2016.
This decision was made at the meeting of Azerbaijan’s Economy Minister Shahin Mustafayev with his Russian counterpart Alexey Ulyukaev in Moscow.
During the meeting, Mustafayev said Russia has invested $3 billion in Azerbaijan’s economy until today.
He added that Azerbaijan’s investments in the Russian economy exceeded $1 billion.
Azerbaijan and Russia signed more than 170 documents, including over 50 – in the economic sector.
Currently, almost 600 companies with Russian capital operate in Azerbaijan.
June 18
WB allocates over $66M loan to Azerbaijan
The World Bank (WB) Board of Directors approved the allocation of additional funds worth $66.7 million for the IDP Living Standards and Livelihoods Project, said a message posted on the WB website.
The Azerbaijani government’s share in the project hits $11.83 million [for covering tax payments].
According to the message, the project aims to improve the living conditions and increase the economic self-reliance of the internally displaced people (IDP).
According to the message, around seven percent of the Azerbaijani population accounts for the IDPs who are one of the most vulnerable layers of society.
Azerbaijan to build a gas chemical complex jointly with Russia, Italy
Gazprombank, the Italian export credit agency, the Russian export credit agency EXIAR and Azerbaijani company SOCAR have signed a Memorandum of Understanding (MoU) on the financing and construction of a gas chemical complex in Azerbaijan.
According to preliminary estimates, total investment budget of the project is $3.5 billion.
Gazprombank will allocate up to $5 billion to build a gas processing complex in Azerbaijan, Rovnag Abdullayev, SOCAR head, told reporters.