Last week review (may 2- 6)

Analysis Materials 8 May 2017 16:47 (UTC +04:00)

May 2

Azerbaijan’s Central Bank decides on discount rate

The Central Bank of Azerbaijan (CBA) has left the discount rate unchanged, the CBA said in a message.

The Central Bank’s discount rate has been 15 percent since Sept. 14, 2016, having increased from 5 percent over 2016.

Also, the upper limit of the trading band was maintained at 18 percent, while the lower limit was left at 12 percent. They were last changed together with the discount rate.

Prior to this, the upper limit of the trading band was 15 percent, while the lower limit was four percent.

Ilham Aliyev meets delegation led by Djibouti’s National Assembly president

President of the Republic of Azerbaijan Ilham Aliyev has received a delegation led by President of the National Assembly of the Republic of Djibouti Mohamed Ali Houmed.

President Aliyev expressed his confidence that the visit of Mohamed Ali Houmed will play a significant role in the development of Azerbaijan-Djibouti relations and that various aspects of cooperation will be widely discussed during the visit.

Touching upon economic cooperation, President Aliyev said significant steps were taken in this regard.

The president noted that the establishment of air transportation between the two countries positively influenced mutual trade.

May 5

Azerbaijani businessmen intend to increase investments in Turkey

Azerbaijani businessmen intend to increase investments in Turkey, Rufat Mammadov, head of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO), said.

Mammadov made remarks at the Azerbaijan-Turkey business forum in Baku.

He added that at present, Azerbaijan is the biggest foreign investor of Turkey.

Mammadov added that Turkey should eliminate customs duties on the import of Azerbaijani products for further expansion of trade and economic relations between the two countries.

Ilham Aliyev meets World Tourism Organization’s secretary general

Azerbaijan’s President Ilham Aliyev has met with Secretary General of the World Tourism Organization (UNWTO) Taleb Rifai.

The development of Azerbaijan-UNWTO relations was hailed.

President Aliyev said Azerbaijan benefits from UNWTO’s recommendations on development of tourism, adding that the industry is rapidly growing in the country.

They discussed proposals on the opening of new tourist routes, facilitation of visa regime, and the possible launch of special transit flights with the help of Azerbaijan.

Ilham Aliyev hails good opportunity to develop relations with Mali

President of the Republic of Azerbaijan Ilham Aliyev has met with President of the Republic of Mali Ibrahim Boubacar Keita.

Underlining his country's keenness to develop bilateral ties with Azerbaijan, the Malian president expressed the need to study Azerbaijan's experience, technical capabilities as well as management experience in various fields of economy, including the agricultural sector.

President Ibrahim Boubacar Keita also hailed good prospects for cooperation with Azerbaijan in military-technical and energy spheres.

Turkey to get more products made in Azerbaijan’s Nakhchivan

Azerbaijani Economy Minister Shahin Mustafayev and Turkish Ambassador to Azerbaijan Ercan Ozoral at the meeting in Baku reached an initial agreement to increase supplies of products made in Azerbaijan’s Nakhchivan Autonomous Republic to Turkey, Azerbaijani Economy Ministry said.

It was stressed that the Turkish delegation will visit Azerbaijan in May to hold further negotiations, according to the economy ministry.

So far, Turkey has received Azerbaijani investments worth $9 billion, he said. In turn, Turkey invested $11 billion in Azerbaijan’s economy, he added.

Besides, 2,900 companies with Turkish capital were registered in Azerbaijan, and almost 2,000 companies with Azerbaijani capital were registered in Turkey, Mustafayev noted.

May 6

Azerbaijan to strengthen its positions as digital trading hub

Azerbaijan will strengthen its positions as a digital trading hub, Vusal Gasimli, executive director of the country’s Center for Analysis of Economic Reforms and Communications, said.

Gasimli made the remarks at a signing ceremony of a memorandum of understanding with Abdulaziz Othman Altwaijri, director general of the Islamic Educational, Scientific and Cultural Organization (ISESCO) in Baku.

Gasimli added that the signing of the memorandum, contributing to the recognition of Azerbaijan as a digital trading hub, will also help increase the volume of transactions.

He stressed that the creation of a digital trading hub is important for the mutual recognition of e-signature in Islamic countries.