Weekly economic review (July 11-15)

Analysis Materials 18 July 2016 16:19 (UTC +04:00)

Azerbaijan announces volume of investment to be put in industrial projects

Azerbaijan’s Economy Minister Shahin Mustafayev has said that it is planned to invest more than 1.1 billion Azerbaijani manats in the country’s industrial parks and areas.

He was addressing the ceremony for signing the UN-Azerbaijan Partnership Framework for 2016-2020 in Baku.

“It is planned to invest more than one billion manats in Sumgait Chemical Industrial Park, 30 million manats in Balakhani industrial park, 100 million manats in Mingachevir industrial park and 40 million manats in Neftchala area,” said Mustafayev.

The minister noted that 17 entrepreneurs obtained incentive documents as part of implementation of projects worth 180 million manats.

“These measures will allow opening thousands of news jobs,” he added. “Meanwhile, there will be new spheres of production, for example, the production of medicines will begin.”

Mustafayev also noted that the demands of new economic conditions, which emerged due to the recent complex regional and global economic processes, have led to the need to speed up economic diversification and to conduct preventive measures to support entrepreneurship.

Strategic decisions have been made for development of entrepreneurship and the improvement of the business environment in the country under instructions of the Azerbaijani president, he added.

The minister also said reforms have been accelerated in all areas of the economy: logistics, banking sector, finance, agriculture, transportation and others.

“Monitoring of business activities was stopped for two years,” he noted.

As a result, only 56 inspections were carried out in the first half of 2016, while this figure exceeded 40,000 in the first half of 2015, added the minister.

Mustafayev also touched upon the US-Azerbaijan Partnership Framework for 2016-2020.

He said the new program covers three directions – the promotion of sustainable and inclusive economic development, which also includes support for economic diversification and decent labor; strengthening the institutional capacity and effective public and social services; modernization of environmental management and the support to increasing resilience against risks and natural disasters.