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Last week review (Oct. 16-20)

Analysis Materials 24 October 2017 14:59 (UTC +04:00)

Oct. 16

Deputy minister: US companies earn $17B from investments in Azerbaijan

The US companies earned $17 billion from investments made in Azerbaijan, which once again testifies that Azerbaijan retains its investment attractiveness, Azerbaijani Deputy Minister of Economy Sahil Babayev said.

Babayev made the remarks at the Azerbaijan-US business forum in Baku. The business forum is supported by the Azerbaijani Ministry of Economy.

"To date, the US investments made in the Azerbaijani economy amount to $12.7 billion, of which $1 billion was invested in the non-oil sector of the country’s economy,” he added. “Azerbaijan's investments in the US amounting to $3 billion, of which mainly investments of Azerbaijan’s state oil fund SOFAZ, are also increasing.”

The trade turnover between Azerbaijan and the US has been growing this year.

"The trade turnover between Azerbaijan and the US amounted to $416 million in January-August 2017, which is by 7 percent more than in the same period of 2016,” he said. “Of course, this figure does not fully correspond to our potential opportunities and the trade turnover can grow."

The representatives of 17 US companies specializing in construction and building materials, ICT, finance, agricultural technologies, payment and security systems, car rental, logistics, dairy products and other spheres are participating in the event.

Azerbaijan developing new mechanism to regulate electricity market

Azerbaijan is developing a new mechanism for regulating its electricity market, said the country’s Energy Ministry in a message.

The creation of the new mechanism is envisaged in the draft law on electricity market of Azerbaijan, which was discussed by representatives of the Ministry of Energy and the United States Agency for International Development (USAID).

During the meeting, Azerbaijan’s Deputy Energy Minister Gulmammad Javadov said that the development of draft law is reflected in strategic road maps designed to support the development of the country’s economy.

According to him, the primary version of the draft law, developed jointly with the USAID, has already been discussed in the ministry. Representatives of the Energy Ministry consider it necessary to introduce certain amendments to the draft law.

USAID Mission Director in Azerbaijan, Mikaela Meredith, for her part, said that the US Agency for International Development is ready to provide the necessary support for implementing measures reflected in the strategic road maps.

Participants of the meeting expressed hope for the speedy completion of the work on preparation of the draft law. In this regard, it was decided that the ministry will present its final comments on the draft law within the next ten days.

Leyla Aliyeva: Food security important for peace, stability and sustainability

Food security and rural development are important factors for ensuring peace, stability and sustainability in the world, vice-president of the Heydar Aliyev Foundation, founder and head of the IDEA Public Union, goodwill ambassador of the UN Food and Agriculture Organization (FAO) Leyla Aliyeva said.

She made the remarks at an event dedicated to World Food Day, being held in ADA University in Baku.

The event was organized by the IDEA Public Union, the Azerbaijani Ministry of Agriculture and FAO.

Stressing the importance of the World Food Day, Aliyeva noted that the current problems in that sphere can lead to conflicts, hunger and mass migration.

“Migration is not obligatory,” she said, adding that the choice must be voluntary and it is necessary to invest in the development of the districts for millions of people not to leave their native lands.

The event, organized under the slogan "Change the future of migration. Invest in food security and rural development", is aimed at determining the impact on production, social tension and equality of migration and remittance flows, improving perceptions of their effects on poverty and food security.

The purpose of the event is to determine the challenges faced by policy-makers in the agricultural sector, researchers, financial organizations and donor agencies to cope with migration and more efficiently manage remittances, understand the impact of gender relations on migration, develop migration policy and policy for integrated rural development, explore additional value as a result of encouraging them.

The event is also aimed at determining the most progressive experience in places where migration has contributed to the development of rural areas, discussing relevant policy and highlighting best practices, determining areas and opportunities for broad cooperation with FAO and other interested sides.

The panel discussions on "Economics and Politics of Migration: Implications for Agriculture and Food" will be held during the event.The q&a session will also be held with the participants.

Oct. 17

Ilham Aliyev receives credentials of Greek ambassador

President of Azerbaijan Ilham Aliyev received credentials of newly appointed Ambassador Extraordinary and Plenipotentiary of Greece Nikolaos Kanellos.

The ambassador reviewed a guard of honor.

Kanellos presented his credentials to President Aliyev.

President Aliyev then spoke with the ambassador.

They exchanged views on various aspects of Greece-Azerbaijan relations. They also discussed the energy cooperation and the ways of increasing trade between the two countries.

Int’l construction exhibition in Baku to feature stands of 4 foreign countries

Four national stands of foreign countries will be presented at WorldBuild Baku 2017, the 23rd Azerbaijan International Construction Exhibition, said Edward Stroon, executive director at ITE Group plc.

This year, the national stands of Germany, Iran, the UAE and, for the first time, Poland will be presented at the exhibition, he told a press conference in Baku.

In total, participation of 310 companies from 28 countries is expected at the exhibition, according to him.

“One third of the participants will be Azerbaijani companies. Besides, I am pleased to note that a third of companies will participate in the exhibition for the first time,” Stroon said.

The largest construction exhibition in the Caspian region – WorldBuild Baku 2017 –kicked off in Baku Oct. 18.

Aquatherm Baku 2017 and Securika CIPS 2017 exhibitions will also be held in Baku in the upcoming week.

Aquatherm Baku 2017 will gather 66 companies from 13 countries, including Azerbaijan, Iran, Kuwait, Turkey, France and others.

Meanwhile, Azerbaijani, Kazakh, Russian and other companies are expected to participate in Securika CIPS 2017.

Baku Stock Exchange ready to hold IPO

The Baku Stock Exchange (BSE) is ready to hold an initial public offering (IPO), said Chairman of BSE Management Board Vugar Namazov.

He made the remarks at a conference, titled “Capital Markets of Azerbaijan: Opportunities and Prospects”, in Baku.

Namazov said that traditional financing instruments can no longer fully function and, if before the BSE had to explain to companies the need to enter the stock market, now the companies themselves have begun to actively seek ways to attract investors.

“Currently, capital markets have become a necessity,” he added.

“Thanks to the work done last year, we were able to successfully place the bonds worth $100 million of [Azerbaijan’s state oil company] SOCAR,” noted Namazov.

He went on to say that today the BSE operates as a modern platform of trading and post-trading service Centralized Trading Exchange system (CETA), which allows conducting about 25,000 transactions in a quarter of a second.

Azerbaijan preparing issuance of next-generation IDs

Issuance of the first 600,000 next-generation IDs to population in Azerbaijan will start Jan. 1, 2018, a source in the Ministry of Economy told Trend.

According to the source, a supplier of envelopes with PIN/PUK codes necessary for the introduction of e-signature certificates in the new IDs, was selected in a tender.

“Three companies took part in the tender,” the source noted. “The name of the winner will be announced in the coming days. The purchase of new IDs will be carried out in stages.”

At present, work is underway to create a new certification center necessary for the integration of e-signature certificates into the IDs.

Uzbekistan, Azerbaijan take part in Arab Economic Cooperation Forum

A delegation of Uzbekistan’s Foreign Ministry took part in the Second Meeting of the Forum of Arab Economic Cooperation with Central Asian Countries and Republic of Azerbaijan, the Uzbek Foreign Ministry said in a message.

According to the message, the meeting was held in Dushanbe, Tajikistan.

Countries of the League of Arab States as well as representatives of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan and Azerbaijan discussed the prospects for development of cooperation in various spheres.

The Dushanbe Declaration was adopted following the meeting.

Oct. 18

Ilham Aliyev: There are good opportunities for GCC countries investing in Azerbaijan

President of Azerbaijan Ilham Aliyev received a delegation led by Secretary General of the Cooperation Council for the Arab States of the Gulf Abdul Latif Bin Rashid Al Zayani.

The secretary general conveyed greetings of heads of the Cooperation Council’s member states to the Azerbaijani president.

“We highly appreciate the level of existing ties and are interested in their further strengthening. We are grateful for your leadership in developing these relations,” said Al Zayani.

Noting with satisfaction that the delegation will participate in the business forum Azerbaijan-Gulf Cooperation Council, the head of the Council stressed the importance of this event for the expansion of economic ties between the member states of the organization and Azerbaijan.

He added that the strengthening of cooperation with Azerbaijan is important in terms of ensuring security, stability and economic development in the region.

The secretary general also said that the growing number of tourists coming from the Gulf countries to Azerbaijan, which is a beautiful country, is satisfying.

President Aliyev noted that the relations between Azerbaijan and member countries of the Gulf Cooperation Council are developing successfully and there are strong political ties with them.

The president also noted the importance of high-level visits in terms of expanding ties.

The head of state said that big work is being conducted in Azerbaijan for development of tourism, and noted with pleasure the steady growth in the number of tourists arriving in the country from abroad, including from the Gulf states.

President Aliyev said that high hospitality is provided to tourists in Azerbaijan, and stressed that this contributes to the expansion of relations between countries and peoples.

The head of state noted that there are good opportunities for economic cooperation, and there is favorable environment for investments in Azerbaijan, including good opportunities for investing of countries of the Gulf Cooperation Council.

Noting with satisfaction the growing competitiveness of the Azerbaijani economy, President Aliyev stressed that this year, according to the rating of the Davos World Economic Forum, Azerbaijan has moved up two spots from 37th to rank 35th among the world’s states for the competitiveness of its economy.

The head of state noted that Azerbaijan contributes to the Islamic solidarity. The country recently hosted the Islamic Solidarity Games, and stressed the importance of these Games in terms of strengthening the relations between Islamic states.

The expediency of expanding the air communication between Azerbaijan and the member countries of the Gulf Cooperation Council was noted during the meeting.

President Aliyev expressed gratitude for the greetings of the heads of the Gulf Cooperation Council’s member countries, and asked to convey his greetings to the leaders of the Council’s member countries.

At the end of the meeting, a memorable gift was presented to President Ilham Aliyev.

Azerbaijan provides itself with most construction materials

Azerbaijan fully provides itself with most of construction materials, Azerbaijani Deputy Economy Minister Niyazi Safarov said.

Safarov made the remarks at the opening ceremony of the 23rd Azerbaijan International Construction Exhibition WorldBuild Baku 2017 in Baku.

Further on, Safarov said the country has great potential in producing domestic construction materials.

“A great number of enterprises were established and jobs were created,” he added.

“Most of the Azerbaijani companies participating in the exhibition are already exporting their products abroad, which testifies that Azerbaijani non-oil sector is developing, the country’s products are competitive and in demand in foreign countries," he said.

The Caspian region’s biggest exhibition in the construction field - WorldBuild Baku 2017 kicked off in Baku Oct. 18.

The launch of WorldBuild Baku 2017 marked the beginning of the Caspian construction week in Baku, which also includes such exhibitions as Aquatherm Baku 2017 and Securika CIPS 2017.

A total of 310 companies from 28 countries are taking part in the exhibitions.

Oct. 19

Azerbaijan inks deals for e-commerce development

The Center for Analysis of Economic Reforms and Communication of Azerbaijan has signed memorandums of cooperation with a number of companies.

The memorandums were signed at the first international conference “Digital Trade Hub of Azerbaijan: Development Perspectives” in Baku.

The documents were signed by Vusal Gasimli, executive director of the Center for Analysis of Economic Reforms and Communication of Azerbaijan, Zaur Gardashov, head of Azexport.az portal, Valery Pustarnakov and Vladimir Kustov, heads of Russia’s Gazinformservis, Andrzej Rucinski, adviser to the president of the management board at Poland’s Asseco Data Systems, and Sardor Mukhamedaliev, CIS general director at Zoodel B2B platform of Switzerland-based company OrientSwiss.

Gasimli said the signing of the agreements will help improve relations between countries towards the development of e-commerce and foster the economic development of Azerbaijan.

EU helps Azerbaijan to provide quality jobs – ambassador

The European Union (EU) and Azerbaijan are very important to each other, said Ambassador Kestutis Jankauskas, who is the head of EU Delegation to Azerbaijan.

He made the remarks addressing the first international conference “Digital Trade Hub of Azerbaijan: Development Perspectives” in Baku.

Reports on the general concept of development of digital hubs, on cooperation in this field, use and mutual recognition of electronic signatures are being presented at the conference. Speakers are presenting presentations on new opportunities for simplifying export procedures, issuing electronic signatures to non-residents, online registration and company management.

Moreover, new solutions in the field of electronic banking and investment will be presented during the conference.

The EU is the main trade partner of Azerbaijan, noted Jankauskas, adding that currently, the EU accounts for about 50 percent of Azerbaijani exports and about 25 percent of imports.

The EU has been supporting Azerbaijan in the issues of economic diversification and expansion of exports over past few years, said the diplomat.

“We work together on an economy that can provide quality jobs,” he added.

Nobody excluded Lithuania from Silk Road initiative – ministry

Lithuania was not excluded from the Silk Road initiative, Trend learned from Lithuanian Ministry of Transport and Communication.

Earlier, some media outlets reported that the decision to exclude Lithuania from the Silk Road initiative was made during the meeting between Latvia’s President Raimonds Vejonis and First Deputy Prime Minister of Kazakhstan, Askar Mamin.

Reportedly, Latvia, but not Lithuania was selected as operator for construction of the northern part of the "Economic belt of the Silk Road" from China to the Baltic Sea.

“Let us reiterate that nobody has excluded Lithuania from Silk Road initiative or the “One Belt, One Road” initiative on a wider scale. Kazakhstan is free to cooperate with all partner countries along Euro-Asian transport connections, as do all other countries, including Lithuania,” said a source in the ministry.

The source noted that as mentioned before, collaboration of Lithuanian Railways in the projects of Euro-Asian connections becomes more intense.

The latest example could be a new route of freight transporting by rail, connecting Lodz (Poland), Kaliningrad, Lithuania, Belorussia, Russia, Kazakhstan and Chengdu (China), which has been opened in September 2017 in cooperation with the Railways of Kaliningrad, said the source.

“By 2030 the international trade volume between the East and West transport corridor is planned to account for 1 trillion euros annually as compared to 552 billion euros today. The ambition of distribution network of the Southern part of the Baltic Sea region including Lithuania is to serve 2.3 percent of Asia - Europe trade segment,” added the source.

The ministry representative pointed out that as the Baltic Sea Region, which Lithuania belongs to, is mentioned in the China’s strategy “One belt, one road”, the enhancement of the cooperation with People’s Republic of China in transport and logistics sector taking an active part in the “One belt, one road” and becoming a leading supply chain between China and Europe is among the major Lithuanian transport strategic goals.

"The goal of Lithuania is to direct as much freight transported from China to Europe as possible through Lithuania. We are completely ready for this – we can ensure operative clearance of all required transit procedures, technical and commercial train inspection as well as loading of the freight to 1,435 mm wide gauge wagons and ensuring its further trip to the final destination in Europe,” said the source.

Moreover, commenting on the issue, Lithuanian Railways told Trend that the information about Lithuania’s exclusion from the project is incorrect and Lithuania aspires to take part in this project.

The Silk Road Economic Belt and the 21st-century Maritime Silk Road, better known as the One Belt and One Road Initiative, The Belt and Road and The Belt and Road Initiative is a development strategy proposed by China that focuses on connectivity and cooperation between Eurasian countries, primarily the People's Republic of China and the land-based Silk Road Economic Belt and the oceangoing Maritime Silk Road.

President Ilham Aliyev arrives in Turkey

Azerbaijan's President Ilham Aliyev arrived in Istanbul to attend the D-8 Summit upon the invitation of Turkish President Recep Tayyip Erdogan.

A guard of honor was lined up in honor of President Aliyev at the Ataturk International Airport in Istanbul.

The chief of the guard of honor delivered a report to President Aliyev.

The head of state saluted the honorary guard.

The Azerbaijani president was welcomed by Istanbul Governor Vasip Sahin and other officials.

Heydar Aliyev Foundation VP Leyla Aliyeva attended “Building Innovation Ecosystem” seminar

A seminar entitled “Building Innovation Ecosystem” was held in Baku.

Vice-President of the Heydar Aliyev Foundation Leyla Aliyeva, head of the President Administration’s Youth Policy and Sports Affairs Department, assistant to the First Vice-president Yusuf Mammadaliyev, Education Minister Mikail Jabbarov, Minister of Transport, Communication and High Technologies Ramin Guluzadeh, Deputy Minister of Economy Sevinj Hasanova, MPs and representatives of state entities and private sector attended the event.

The aim of holding this seminar was to support state and private entities in developing the action plan to form a joint innovation ecosystem.

Speaking at the event, Jabbarov said cooperation with Berkley California and Stanford universities - leading education institutions of the world, “Global Innovation Catalyst” Company in developing human capital will open new possibilities for our country’s higher schools.

Emphasizing the importance of human capital as one of the primary objectives of the Strategic Road Map and “The State Strategy for Developing Education in the Republic of Azerbaijan”, approved by the president, the education minister brought to attention that this event will serve the development of innovations, with prospecting strategies.

In his speech, Guluzadeh emphasized that development of information-communication technologies have always been a focus of attention for President Ilham Aliyev, noting that the state has reached a number of achievements towards ensuring multilateral development of the economy, including dynamic development of high technologies.

Hasanova, in her speech, talked about the ongoing reforms under the leadership of President Ilham Aliyev.

After the speeches, a presentation took place by founder and chairperson of Global Innovation Catalyst Kamran Elahia on the theme “From the economy of drilling to innovative economy”.

Then professor of the Berkley California University Gregory LeBlanc conducted a seminar on “Start-up Ecosystem: Bases of the Silicon Valley and the Government’s Role”.

Later, Leyla Aliyeva met with seminar participants in the framework of the event organized by the Education Ministry, the Azerbaijan National Academy of Science, the Baku Engineering University, and the Ministry of Transport, Communication and High Technologies.

Oct. 20

President Ilham Aliyev attends D-8 Summit in Istanbul

The 9th Summit of the D-8 Organization for Economic Cooperation kicked off in Istanbul under the motto “Expanding Opportunities Through Cooperation”. President of Azerbaijan Ilham Aliyev is attending the Summit as a special guest at the invitation of President of Turkey Recep Tayyip Erdogan.

Prior to the Summit a joint photo was taken. The Summit started with the recitation of ayahs from Holy Quran.

Afterwards, Secretary General of the D-8 Organization Seyed Ali Mohammad Mousavi and the organization’s chairman, Interim Prime Minister of Pakistan Shahid Khaqan Abbasi delivered speeches.

Abbasi announced that the organization’s chairmanship is passing from Pakistan to Turkey.

Then, the new chairman of the organization, Turkey’s President Recep Tayyip Erdogan addressed the event.

President of Azerbaijan Ilham Aliyev delivered a speech at the 9th Summit of the D-8 Organization.

Turkish President Recep Tayyip Erdogan made a closing speech at the Summit.

Afterwards, a Memorandum of Understanding was signed between the D-8 Organization and the Islamic Development Bank (IDB) with the participation of President of Turkey Recep Tayyip Erdogan, President of Azerbaijan Ilham Aliyev and heads of state and government of other countries.

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