Last week review (July 25-29)

July 25

Moody's expects slight growth in Azerbaijan’s GDP in 2017

Moody's rating agency expects slight growth in Azerbaijan’s real GDP in 2017. However, the agency didn’t provide exact forecasts for the country’s GDP growth.

Last week, Azerbaijan’s State Statistical Committee reported that year-over-year GDP contracted 3.2 percent in the second quarter of 2016 following a 3.6 percent decline in the first quarter and a 6.5 percent contraction in the fourth quarter of 2015, said Moody’s report. Year-over-year economic activity in non-oil sectors contracted 6.1 percent in the first six months of the year, while the oil sector grew by 2.1 percent, according to the report.

The main driver of the decline in economic activity in Azerbaijan in the first half was the 33.6 percent contraction in construction, said Moody’s.

July 26

Azerbaijan introducing online privatization

The Azerbaijani State Committee on Property Issues has presented a new privatization portal ( “The portal will greatly facilitate the process of privatization and it will be possible to achieve more transparency in this area,” Rafig Jalilov, deputy chairman of the State Committee, said. All the information about the facilities to be privatized, their addresses, location and, finally, the initial cost, will be presented on the portal, he said. Also, it will be possible to participate in online auctions via the portal. The portal has been designed in two languages - Azerbaijani and English, allowing foreign investors to actively participate in the process of privatization, he said. Currently there is the information on the portal about the Dashkesan Mining and Processing Plant and Baku Electroavtomat OJSC, which are being privatized.

July 27

Azerbaijan, ADB ink loan deal

Azerbaijan’s Azerishig OJSC and the Asian Development Bank (ADB) have signed an agreement on the allocation of the loan’s first tranche to improve the power distribution system in Azerbaijan, ADB Baku office said. The agreement was signed by the head of Azerishig OJSC Baba Rzayev and ADB country director in Azerbaijan Nariman Mannapbekov.

The amount of the first tranche of the loan, which was allocated for 25 years with a five-year grace period, is $250 million.

Mannapbekov said earlier that the loan interest rate will be formed on the basis of the six-month LIBOR (London interbank offered rate) with a very low margin – nearly 0.4 percent.

The guarantor of the credit debt’s repayment is the state, in connection with which the ADB signed a guarantee agreement with Azerbaijan.

Azerbaijan, Iran mull financing Astara-Rasht railway’s construction

Head of Azerbaijan Railways CJSC Javid Gurbanov and Iran’s Deputy Minister of Roads and Urban Development Asghar Fakhrieh-Kashan have discussed Azerbaijan’s financing the construction of Astara-Rasht railway on Iran’s territory as part of the North-South project.

During the meeting, the parties also discussed the schedule of the railway’s construction.

Earlier, Azerbaijan and Iran created a joint working group for allocating $500 million worth loan for construction of the Astara-Rasht railway, the cost of which exceeds $1 billion.

July 28

Azerbaijan, India mull North-South project

The North-South transportation corridor project has been discussed during the meeting between the Secretary of India’s Ministry of External Affairs Sujata Mehta and Azerbaijan’s Deputy Foreign Minister Khalaf Khalafov in Baku. The cooperation in the IT sector, agriculture, cooperation within the UN and other issues were also discussed.

July 29

Number of Balakhani Industrial Park’s residents increases in Azerbaijan

The MET-AK company received the status of the fifth resident of the Balakhani Industrial Park in Azerbaijan. The corresponding certificate was presented to the representatives of the resident during the event organized by the Azerbaijani Ministry of Economy.
The company will be engaged in processing of plastic products in the territory of the park. MET-AK project plans to invest 16.5 million manat in the industrial park to implement the project, which will enable to create over 130 new jobs.

Lubricant manufacturing plant to be built in Azerbaijan

Alco Lubricant Company has received the status of the ninth resident of the Sumgait Chemical Industrial Park. The corresponding certificate was presented to the representatives of the resident during the event organized by the Azerbaijani Ministry of Economy.

The company will be engaged in the production of lubricants in the territory of the park. The investment cost of the project is $10 million. The plant with an annual industrial output of 30,000 tons will be built as part of the project and production is planned to be launched in the second half of 2017.

The residents of the park are exempt from income tax, land tax and property tax for seven years to increase the investment attractiveness of the park. Moreover, equipment and technologies used in the park are exempt from VAT.

12 projects receive investment promotion documents in Azerbaijan

Twelve more entrepreneurs have received an investment promotion documents worth a total of around 106 million manats in Azerbaijan for their projects.

In total, to date, 30 entrepreneurs have received an investment promotion document and the total volume of investments under those documents neared 300 million manats. It is planned to create around 2,700 jobs by using these investments. Investment projects cover seven economic regions of Azerbaijan.

The new mechanism exempts entrepreneurs from land taxes and provides them with 50 percent benefit when paying the income tax. 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.

Iran reveals COVID-19 data for March 6
Iran reveals COVID-19 data for March 6
Iranian parliament approves increase of salaries
Iranian parliament approves increase of salaries
Iran reveals COVID-19 data for March 5
Iran reveals COVID-19 data for March 5
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Iran reveals COVID-19 data for March 6
Uzbekistan transfers funds to UN Trust Fund for Aral Sea region
Turkish FM announces trilateral meeting between Azerbaijan, Turkey, Turkmenistan
Lybian diplomat harshly condemns Armenia using mosque in Azerbaijani Fuzuli as stable
Iran discusses relations with IAEA
Iran's nuclear activities completely peaceful - Rouhani
Who could say that Azerbaijan was wrong when the war started? - President Aliyev
New stage already evident in economic sphere, period of transparency, precision, when monopolies suppressed - President of Azerbaijan
As Commander-in-Chief, I know where our weaknesses are - Azerbaijani president
Today we are working on equal agreement with EU, it has been agreed by 90% - President of Azerbaijan
At new stage, we need to further deepen political dialogue - President Aliyev
Why are our “democrats” silent? Why aren’t they saying that Pashinyan should become example for us? - Azerbaijani president
Popular Front-Musavat ruined relations with almost all countries in just one year - Azerbaijani president
Azerbaijan today is country conducting large-scale reforms - President Aliyev
We have no problems with any political entity in country - President of Azerbaijan
If there were no outside help now, Armenia would be gone, completely - President Aliyev
If we are building road, asphalt is ours, bitumen is ours, gravel is ours, so why should we take external credits - Azerbaijani president
We never begged like Armenia, never humiliated ourselves, never asked anyone for help - Azerbaijani president
2003-2020 period was one of preparations - President Aliyev
Younger generation should know at what cost we were able to maintain independence - Azerbaijani president
Today Armenia shies away from cooperation, we will force them - President Aliyev
Absolute majority of participants in battles are people who were children when I came to power in 2003 - President of Azerbaijan
To put it mildly, Luxembourg does not have special political weight in world for its foreign minister to make any claims to us - President Aliyev
So many accused me – Ilham Aliyev does not want peace - Azerbaijani president
Hands of Popular Front-Musavat tandem were imbrued in blood of Azerbaijani people - President Aliyev
Country was in absolutely uncontrollable state during PFPA-Musavat tandem - President Aliyev
It is necessary to plan future of country in such way as to ensure long-term sustainable development - President Aliyev
I highly appreciate activities of “91”, for whom national interests were paramount at time - President Aliyev
Establishment of New Azerbaijan Party was necessity - President Aliyev
Heydar Aliyev's unambiguous, resolute steps related to independence were highly appreciated by people - President of Azerbaijan
Turkish investors have interest in Azerbaijan's business environment - Turkey's MUSAID
We turned Azerbaijan into country enjoying great authority, respect in international arena - President Aliyev
We are a country that creates realities - President of Azerbaijan
Program I announced after presidential elections is being implemented, we are consistently achieving our goals - President Aliyev
Many important events taken place in life of country in three years since sixth congress of New Azerbaijan Party - President Aliyev
Reps of diplomatic corps in Azerbaijan visit Fuzuli airport's construction area
Uzbekistan reveals its COVID-19 data for March 6
U.S. Embassy Announces 2021-2023 GIPA Master’s Degree Program in Journalism
Georgia reports 355 new cases of COVID-19 cases for March 6
Azerbaijan shows footage from Zangilan's Garadere village (VIDEO)
Democrats advance Biden's $1.9 trillion COVID-19 bill in marathon Senate session
President Ilham Aliyev congratulates Azerbaijani women on International Women's Day
Iran's Revolutionary Guard has disrupted airplane hijacking attempt
Diplomats accredited in Azerbaijan start visits to liberated lands (PHOTO)
Iranian currency rates for March 6
Azerbaijani Nakhchivan's Separate Combined Arms Army holding live-fire training classes (PHOTO/VİDEO)
Azerbaijani Agency for Development of SMEs continues to support self-employment program
COVAX delivers over 20 mln doses of COVID-19 vaccines to 20 countries - WHO
Interest-free funding regulation may boost Turkey's home sales
Iran records 0.8% economic growth under sanctions, pandemic
2021 Index of Economic Freedom: Georgia 12th in world and 7th in Europe
Electricity consumption in February amounted to 1.6 bln kWh in Kyrgyzstan
Chinese investors have major potential for attracting cargoes to Georgian Anaklia seaport
Belgium announces phased plan to ease COVID-19 restrictions
More than 20,000 U.S. organizations compromised through Microsoft flaw
U.S. detained nearly 100,000 migrants at Mexico border in February
Number of German enterprises in Uzbekistan increases in last four years
Spike in Canada exports to U.S. leads to surprise January trade surplus
Brazil working with Biden on climate, Amazon deforestation - foreign minister
Luxembourg ratifies protocol on tax agreement with Russia
U.S., Britain announce 4-month tariff suspension in aircraft subsidy dispute
Aeroflot to make flights to Seychelles from April 2
Kazakh MFA talks great importance of developing relations with Turkic-speaking countries
Georgia expands list of countries from which tourists can travel to country
Iran to hold talks with EAEU soon
Pfizer vaccine to arrive in Georgia in the week of March 22 - seputy health minister
Turkey registers more than 11 302 new coronavirus cases
Kazakhstan, Uzbekistan ink agreement to step up cooperation in healthcare
Wind energy replaces coal as Germany's biggest energy source in 2020
National Bank of Kazakhstan adopts several anti-crisis measures during COVID-19 pandemic
Azerbaijani FM, head of Baku office of CE exchange views on development of new action plan for cooperation (PHOTO)
Norwegian company discloses amount of investments made in Azerbaijan
BSEC countries discuss impact of pandemic on tourism sector
Azerbaijan’s AzerGold, Chem Trade company sign contract
Georgia-Ireland Council to be important chain for strengthening bilateral economic relations
Uzbekneftegaz, Uzbek-Chinese JV talk prospects for co-op in oil, gas industry
Russia's Rosselkhoznadzor discloses volumes of agricultural products supplied to Georgia
World Bank may support Azerbaijan in fight against COVID-19
Azerbaijan names volume of compulsory non-life insurance market in Jan.2021
Swiss plan free coronavirus tests for population
Liberated Azerbaijani lands have great potential in winemaking
Azerbaijan may apply quarantine measures if COVID-19 infections continue to increase
UK watchdog looks to 'open banking' apps to help boost competition
Georgian mobile operators see decrease in total revenues for 2020
Georgia plans to build hanger in Telavi airport for private jets
Chevron to buy out Noble Midstream in all-stock $1.32 billion deal
Azerbaijani State Security Service shares grief of death of Turkish servicemen
Azerbaijan eyes to start employment promotion activities in liberated areas
Armenia once again demonstrates that it is far from sound thinking - Azerbaijani Foreign Ministry
Initiated by Mehriban Aliyeva, Heydar Aliyev Foundation makes new contribution to protection of world and religious heritage in Vatican (PHOTO)
Azerbaijan's MoD shares footage from Aghdam's Taghybayli village (VIDEO)
Kazakhstan offers Uzbekistan to consider launching production of Kazakh COVID-19 vaccine
Mehriban Aliyeva appointed as first deputy chairperson of New Azerbaijan Party
First website of sign language dictionary to be developed in Azerbaijan
Trans-Caspian Fiber Optic Cable Project discussed at “Kazakhstan-Azerbaijan: New Opportunities for Cooperation” event (PHOTO)
Turkey’s activity on Turkmenistan’s state commodity exchange in Feb. 2021
Iranian parliament approves increase of salaries
Baku International Sea Trade Port expanding co-op with in Netherlands
Azerbaijan's internet provider eyes to expand coverage of communication services
Trade takes up largest share in total turnover of Georgia's business sector
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