Weekly actual topics in Azerbaijan (Nov. 14-18)

Azerbaijan to expand list of mortgage products

The Azerbaijan Mortgage Fund will expand the list of mortgage products, Angela Prigozhina, the World Bank (WB) private and financial development sector leader, said.

“We continue to cooperate with our partners in Azerbaijan, including with the Azerbaijan Mortgage Fund, the Finance Ministry and the regulator [Financial Markets Supervision Chamber] in order to develop the market of mortgage financing,” she said.

Prigozhina added that the changed economic environment requires development of new products of the mortgage fund itself.

“In this regard, we will continue to work in the coming year to develop new products of the mortgage fund, strengthen the system of risk management, funding, as well as expansion of funding sources of the mortgage market,” she said.

Currently, the Azerbaijan Mortgage Fund offers two products: social and commercial mortgages, with the highest annual interest rates of 4 and 8 percent, respectively.

SOCAR eyes construction of oil terminal in Benin

Azerbaijan’s state oil company SOCAR is considering the possibility of building an oil terminal in the city of Cotonou of Benin, as well as the implementation of a number of infrastructure projects in West African countries, SOCAR said in a message.

The Azerbaijani delegation led by the country’s Energy Minister Natig Aliyev visited Burkina Faso and Benin at the invitation of these countries’ governments, according to the message.

During the meetings, the sides discussed issues of establishing relations between the fuel and energy complex of Azerbaijan and West African countries, as well as ensuring mutually beneficial economic cooperation.

“The delegation, which also includes SOCAR Vice-President for Investments and Marketing Elshad Nasirov, Chairman of Azerikimya production union Mukhtar Babayev and Director of SOCAR Trading Arzu Azimov, met with the President of Burkina Faso Roch Marc Christian Kaboré, during which the parties outlined the importance of development of bilateral relations,” said the message.

During a meeting with Prime Minister of Burkina Faso Paul Kaba Thieba, the parties discussed issues of cooperation between SOCAR and SONABHY (state oil company of Burkina Faso), concrete joint projects, the supply of oil products to Burkina Faso, as well as the construction of SOCAR’s terminal in the port of Cotonou in Benin and implementation of several other infrastructure projects, according to the message.

The Azerbaijani delegation also plans to hold meetings in the Cotonou with minister of energy, water resources and mining, minister of finance, foreign minister, as well as the management of Benin’s state oil company SONACOP (Société Nationale de Commercialisation des Produits Pétroliers).

The message said also that the visit will allow expanding prospects of supplies of Azerbaijani oil and oil products to West African markets, implementing energy projects, strengthening political authority of Azerbaijan in the region and intensifying SOCAR’s commercial activity.

Azerbaijan should create agency on work with foreign investors

American Chamber of Commerce in Azerbaijan (AmCham) has offered to establish a single agency in the country (similar to or within the ASAN Service) for all operational interactions between foreign investors and governmental authorities.

This was reflected in the 6th edition of the document (White Paper) called “Observations and Recommendations for Improving Azerbaijan's Business Climate” prepared and presented to the Office of the President of Azerbaijan.

“Services of this agency would be available to all foreign investors whose investment in Azerbaijan exceeds a certain threshold,” said the document. “Ideally, the agency would significantly reduce routine bureaucracy and make Azerbaijan a much easier place to do business with.”

In order to make sure that this agency provides the necessary protection to the foreign investors, it should report directly to the president of Azerbaijan, according to the document.

“The government of Azerbaijan has had strong success in attracting foreign direct investment into the oil and gas sector of economy,” reads the document. “As we noted earlier, we believe that there is a need to generate similar success in the non-oil and gas sectors as well.”

As competition for foreign direct investment in the region increases, Azerbaijan should take the steps to outperform its neighbors in becoming the most attractive market for the foreign investments, according to the document.

“A special economic court could be established, dealing specifically with foreign investors,” the document noted.

Another important measure could be setting a “guaranteed” tax regime (similar to PSA's) for foreign investors in Azerbaijan, AmCham said.

“In other words, the government will commit not to increase tax rates for investors for a specific period (for long term investments) or throughout the entire duration of the project (for shorter term investments),” the document said.

The White Paper reflects collective view of AmCham members on changes ensuring strength of business environment and ultimately, the country.

AmCham has been working in Azerbaijan since 1996 and currently consists of 270 companies representing more than 80 percent of foreign investments in the country.

Kuwaitis interested in Azerbaijan’s real estate market

Kuwaiti investors show interest in the real estate market of Azerbaijan, the country’s Ambassador to Kuwait Elkhan Gahraman said in an interview with Trend.

Investors of Kuwait already invest in Azerbaijan’s economy and chose agriculture and favorable recreational tourist areas as priority directions, he said.

The diplomat added that businessmen of Kuwait launched their first investment projects in Azerbaijan’s Gabala, Ismayilli, Guba and Gusar districts.

The ambassador said that the tourism potential of Azerbaijan plays an important role for the development of economic relations between the two countries.

"Kuwaitis like to make tourist trips and according to the statistics of recent years, they spend an average of about $10 billion during the year on such trips," the ambassador noted. "In many cases, during such trips, Kuwaitis explore new business opportunities, buy luxury apartments, houses and land lots abroad."

"Kuwaitis arriving in Azerbaijan also show interest in the local real estate market," he added. "In addition, they show great interest in creation of farms, renting of large areas for breeding cattle in Azerbaijan."

Speaking about trade relations between the two countries, the ambassador noted that Kuwait already imports agricultural products from Azerbaijan.

In particular, on the basis of a contract with the Azerbaijani juice plant in Gabala district, the Kuwait Azeri Trading Establishment Company buys products of this enterprise for their delivery to the Kuwaiti market, he said.

Currently, the work is underway to expand the list of names of the goods imported from Azerbaijan to Kuwait, Gahraman said.

The diplomat expressed hope that the opening of direct flights between Azerbaijan and Kuwait will lead to a significant increase in trade relations between the two states.

Subscribe to Trend in Google News! Subscribe
Germany might offer its experience in restoration of Azerbaijan’s Karabakh
Germany might offer its experience in restoration of Azerbaijan’s Karabakh
Kazakhstan boosts cargo transportation by road
Kazakhstan boosts cargo transportation by road
Iran working with China for affordable housing project
Iran working with China for affordable housing project
Loading Bars
Israel says Abu Dhabi crown prince invites Israeli PM for 1st official visit
Volkswagen executive sees global chip shortage running well into 2022
Azerbaijani Foreign Ministry makes Twitter post in connection with anniversary of liberation from occupation of Zangilan (PHOTO)
Chronicles of Victory: President Ilham Aliyev addresses the nation due to liberation of Zangilan on October 20, 2020 (PHOTO/VIDEO)
Chronicles of Victory: October 20, 2020
U.S. workers face layoffs as U.S COVID-19 vaccine mandates kick in
21 passengers escape plane safely after crash in Texas, officials say
Facebook to pay up to $14.25 mln to settle U.S. employment discrimination claims
Azerbaijan discloses names of returned Armenian servicemen
Uzbekistan exports $625 million worth of fruits and vegetables in 9 months
UK records highest daily COVID death toll since early March
Ukrainian Bees Airline plans to launch Odessa-Tbilisi-Odessa flights starting October 22
Iranian official dismisses 'tensions' at Astara customs, says activity with Azerbaijan soars
Turkmenistan starts rice harvest in Dashoguz region
Azerbaijan supports all int’l efforts to ensure transparency in extractive industries – minister
Refining activity of Iran's Fajr Jam Gas Refining Company soars
Iran’s Persian Gulf Petrochemical Industries Corporation sets new record
Azerbaijan's defense minister visits newly established commando military unit (PHOTO/VIDEO)
Iran’s PMO declares data on load/unload operations in Jask Port
Iran intends to increase exports through Astara
Turkey reveals cargo traffic via its ports from Portugal for 8M2021
Exports of Iran to Kyrgyzstan booming
President Ilham Aliyev receives Croatia's Minister of Foreign and European Affairs (VIDEO)
Iran's Energy Exchange announces products to be on sale on October 20
President Ilham Aliyev expresses condolences to President Recep Tayyip Erdogan
Iran’s Bahar Azadi gold coin price rebounds
Azerbaijan transfers captured Armenian servicemen back to Armenia
Uzbekistan plans to exempt import and sale of meat products from VAT
Turkey shares data on maritime cargo shipment with Russia for 8M2021
Azerbaijan shares data on oil transported via BTC pipeline in 9M2021
USAID to provide additional funds for Kazakhstan to fight COVID-19
Turkey announces data on cargo traffic with Italy for 8M2021
Kazakhstan imposes export restrictions for some timber types
Azerbaijan names locations of future national parks in liberated territories
Azerbaijan demands certain steps from Armenia at UN International Court of Justice
Iran’s 9M2021 Turkish cement imports up
Iran to host meeting on economic co-op with Turkmenistan
Georgian foreign trade turnover increases
Iran increases petrochemicals production
Kazakhstan sees increase in number of open trading accounts
​Iran allocates more funds for oil and gas projects in Ilam Province
Turkey unveils data on cargo traffic via its ports from Spain
Georgia's domestic export up in 9M2021
Value of Turkish cement exports to Georgia for 8M2021 down
Turkey shares data on cargo traffic with Greece for 8M2021
Turkey reveals cargo volume handled from Egypt in 8M2021
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 2,102 more COVID-19 cases, 863 recoveries
Cargo traffic on Azerbaijan's section of TRACECA for 8M2021 revealed
IMF lowers breakeven oil price level for Azerbaijan
Saudi index hits 15-year peak as most Gulf bourses gain
Israel's Bank Mizrahi Tefahot to issue $1.1 bln of CPI-linked bonds
Iran seeks to complete semi-finished project related to Lake Urmia's revitalization
Iran imports trucks to renovate transportation fleet
IMF revises up forecasts for Azerbaijan’s non-oil GDP growth
Iran`s domestic appliances production increases
IMF reveals forecast for Azerbaijan’s annual inflation
Iran's imports from neighboring countries up
Turkey discloses volume of cargo shipment via its ports from Singapore for 8M2021
Hungarian companies to attend Rebuild Karabakh EXPO
Azerbaijan raises gas exports via BTE pipeline
IMF predicts growth for Azerbaijan's GDP
Azerbaijani ministry denies rumors about full transition of schools to online lessons
Slovakia interested in deepening relations with Azerbaijan - FM
Turkey reveals cargo traffic with Morocco for 8M2021
Data on cargo shipping between Turkey and Algeria for 8M2021 revealed
Turkey shares data on cargo traffic with Israel for 8M2021
TAP partially stems increase in gas prices – managing director
Iran to sell oil through private sector
Iran started exploration of mining sites in South Khorasan Province
Minister talks preferential loans issued in Azerbaijan since early 2021
Bakcell will be ready to implement eSIM project in Azerbaijan
Iran reveals COVID-19 data for October 19
Iran's steel production increases
Iran eyes to boost domestic production in mining, industrial and commercial sectors
AccessBank eyes increasing loan portfolio mainly in segment of micro, agricultural entrepreneurs - Acting Chairman of Board (Interview)
National bank of Georgia shares data on payment cards issuance
Average mobile internet download speed continues to grow in Azerbaijan - Ookla
Galt & Taggart publishes overview of Georgia's economic growth
USAID selecting Turkmen business projects for co-financing
Eni Turkmenistan Ltd opens tender for supply of wellhead equipment
Azerbaijan exported most of its oil to Italy in 9M2021 - State Customs Committee
Iran ready to attract investment in renewable energy sector - minister
Azerbaijan - supporter of normalization of relations with Armenia, says FM
Azerbaijan, Slovakia eye signing agreement on economic co-op
Slovakia to supply Azerbaijan with de-mining machines in near future
Azerbaijan denies rumors about impeding exports from Iran to Russia
Iran Standards and Quality Inspection Agency releases car quality report
Iran to complete railway transit corridors - RAI
Baku Expo Center to soon open 'Rebuild Karabakh' exhibition
Joint press conference of Azerbaijani and Slovak FMs held in Baku (PHOTO/VIDEO)
VTB Bank in Georgia to back up creation of Nuclear Medicine and Diagnostic Center
Uzbekistan to produce its first electric cars
Turkey's steel export to Uzbekistan surges in value for 9M2021
Turkey shares data for cargo traffic via domestic ports from Ukraine in 8M2021
Azerbaijani, Slovak FMs holding expanded meeting (PHOTO)
Turkmen state concern to buy chemical products via tender
Azerbaijan’s 'Kalbajar' tanker leaves for first voyage
Renewables’ share in global energy supply to increase to over 25%
Georgia shares data on COVID-19 cases for October 19
All news