July 10
Azerbaijan to invest $60M in Astara railway terminal
Iranian Railways announced that an investment agreement has been inked with Azerbaijan Republic for construction and operation of railway terminal in Iran's Astara, Mehr news agency reported.
The investment deal has been signed between Azerbaijan Railways transport company and Islamic Republic of Iran Railways (RAI) over Astara railway station which is under construction.
Under the terms of the agreement, the Azerbaijani government has agreed to invest 60 million dollars in the Iranian project.
Furthermore, once the contract between the two sides expires, all facilities available at Astara terminal will be fully handed over to Iran.
According to RAI officials, the Azerbaijani side has agreed to transit at least two million tons of cargo through Iran.
Ilham Aliyev attends Presidential Ceremony at 22nd World Petroleum Congress
A Presidential Ceremony has been held as part of the 22nd World Petroleum Congress in Istanbul.
President of the Republic of Azerbaijan Ilham Aliyev attended the event.
With the “Bridges to our energy future” motto, the World Petroleum Congress attracts over 5,000 delegates, including 500 CEOs, 50 ministers and around 25,000 visitors.
The World Petroleum Congress is organized every three years.
July 11
Azerbaijan approves action plan to simplify agriculture financing
Azerbaijani Financial Stability Board has approved a broad action plan for simplifying financing of agriculture, said the Central Bank of Azerbaijan.
The issues of ensuring macroeconomic and financial stability were discussed during the meeting of the Financial Stability Board under the chairmanship of Azerbaijan’s Prime Minister Artur Rasizade.
“The draft action plan was improved and finalized by Azerbaijan’s Ministry of Agriculture, and agreed with the relevant government agencies. The final version of the action plan was approved at a Financial Stability Board meeting,” said the message.
The action plan envisages improvement of mechanisms for financing agriculture, preparation of mechanisms for using innovative and unsecured loans, risk management, promoting investment in the sector, improving the financial literacy of producers and other concrete measures.
Azerbaijan establishing association of textile producers and exporters
An association of textile producers and exporters is being established in Azerbaijan, Sahib Mammadov, Azerbaijani deputy economy minister, said.
Mammadov made the remarks at the event dedicated to the textile industry development prospects in Baku.
"The establishment of the association will accelerate the process of making the necessary decisions aimed at the development of this sector," Mammadov said. “There are already eight associations in the country and today we are participating in the establishment of the ninth association.”
At the end of the event, the entrepreneurs voted for the establishment of the association and elected managers.
Mehriban Akhundova, head of Gilan Textile Park, was elected chairperson of the association's board.
July 12
Azerbaijani energy operator inks deals worth over 70M manats
Azerishiq OJSC (energy operator of Azerbaijan) has defined winners of four tenders and signed contracts worth 71.115 million manats with them, said the website of the State Service for Antimonopoly Policy and Consumer Rights’ Protection of Azerbaijan’s Economy Ministry.
Three contracts worth more than 36.88 million manats were signed with Azconstruction LLC for the construction of 110/35/10-kv substation “White City-2”, the installation of equipment and cable laying, the construction of four transformer points in the territory of the White City project with the installation of equipment and cable laying, as well as for the provision of electricity to the agricultural park in Azerbaijan’s Goranboy district.
A contract worth over 34.23 million manats, which envisages the provision of electricity to agricultural parks to be created in Hajigabul and Shamakhi districts, was signed with the Verdict Service Company.
Stable Azerbaijan attractive for foreign investors - President Aliyev
Azerbaijan is a land of stability, and investors invest in stable places, said the country’s President Ilham Aliyev, speaking at a meeting of the Cabinet of Ministers dedicated to results of socio-economic development in the first half of 2017 and objectives for the future.
“The number of stable counties is reducing dramatically. Therefore, I am sure that in the future, even more foreign investors will appeal us to invest in Azerbaijan,” Ilham Aliyev said in his opening speech at the meeting.
The president went on to add that $5 billion was invested in Azerbaijan’s economy in six months of 2017.
The president noted that Azerbaijan’s non-oil economy grew by 1.7 percent in the first half of 2017.
The Azerbaijani president noted that the country’s currency reserves have increased by about $3 billion since early 2017.
July 13
US envoy informed on Baku Shipyard co-op with US companies
US Ambassador to Azerbaijan Robert Cekuta has visited Baku Shipyard LLC, says the company’s message posted on its website.
Prospects of future cooperation between Baku Shipyard and US companies were discussed during the meeting, says the message.
IBA creditors vote for restructuring of bank’s foreign liabilities
The International Bank of Azerbaijan (IBA) has received enough votes from creditors to start the process of restructuring its foreign liabilities, Bloomberg reported, referring to the bank’s statement.
Creditors holding more than 87 percent of the debt have voted in favor of the restructuring process, according to the report.
Voting on the plan of voluntary restructuring of the IBA’s foreign liabilities started on June 19 and will end July 18.
Pharmaceutical giant enters Azerbaijani market
Azerbaijan’s Sumgait city has hosted the groundbreaking ceremony of the first plant for the production of solid drugs.
During the event, it was noted that products of the plant, which is being built by India’s Sun Pharmaceutical Industries Ltd. (Sun Pharma), will meet the European GMP (Good Manufacturing Practice) standards.
The plant will produce medicines for cardiology, nephrology, gastroenterology and diabetes, as well as other necessary medicines for the Azerbaijani market. Products of the plant, production capacity of which is 200 million tablets, 40 million capsules and 20 million ampoules per year, are also planned to be exported to CIS countries and other foreign markets.
The plant will start to operate in late 2018.
Sun Pharma, with its capital of $39 billion, ranks first in India and fifth in the world. The company’s products are exported to 150 countries.
Tajikistan to ban goods produced in occupied Azerbaijani lands
The governments of Azerbaijan and Tajikistan reached an agreement to ban import and sale of goods, produced in the occupied Azerbaijani territories, in Tajikistan.
The agreement was reached during the 4th meeting of Azerbaijani-Tajik intergovernmental commission on trade and economic cooperation, held in Baku.
A protocol was signed following the meeting of the intergovernmental commission.
July 14
Azerbaijani state budget’s 1H17 incomes exceed forecast by 2.3%
Incomes of Azerbaijan’s state budget amounted to 7,722.8 million manats in the first half of 2017, exceeding the forecast by 2.3 percent, said the Ministry of Finance. Compared with the same period last year, incomes of Azerbaijan’s state budget increased by 25.9 percent or by 1,589 million manats. Meanwhile, the state budget expenditures amounted to 8,193.9 million manats (the forecast was executed by 100.2 percent).
Compared with the same period last year, the state budget expenditures increased by 20.1 percent (1,372.4 million manats).
The deficit of the state budget amounted to 471.1 million manats.
July 15
Prices for 92 RON gasoline change in Azerbaijan
Azerbaijan’s Tariff (Price) Council said in a message posted on its website that it decided to increase the retail price for 92 RON gasoline by 20 qepik (nearly 12 cents as of July 15).
In accordance with the decision of the council, starting from July 15, the 92 RON gasoline costs 90 qepik (nearly 53 cents as of July 15).