Azerbaijan: parliament amends tax legislation

The Azerbaijani parliament adopted a set of amendments to the country’s tax legislation, which will come into effect on January 1, 2017. The amendments include the taxation of operations with offshore companies, limiting cash payments made by big entrepreneurs, operating in trade and public catering, to 30,000 manats per month, the taxation of legal entities…

Azerbaijan looking for new economic model

Azerbaijan’s economic model covering the last 10 years has proved to be valuable, Shahmar Movsumov, executive director of the State Oil Fund of Azerbaijan (SOFAZ), reported. “Over the last decade, this economic model has turned Azerbaijan into a completely new country and helped create modern infrastructure. However, in the new economic environment this model ceased…

Azerbaijan: number of foreign trade partners up

Some 183 countries became Azerbaijan’s foreign trade partners in January-November compared to 162 countries in the same period of 2015, the country’s State Customs Committee said in a report. According to the report, 13,244 legal entities and individuals (of them 5,226 legal entities and 8,018 individuals) were involved in the country’s foreign economic activities. Azerbaijan’s…

Azerbaijan: ICD supports economic reforms

The Islamic Corporation for the Development of the Private Sector (ICD) supports the economic reforms realized in Azerbaijan, Khaled Al-Aboodi, CEO and director general of the ICD, said. “We are ready to improve the quality of the goods produced in the country and to provide entrepreneurs with access to new technologies and markets. We are…

Azerbaijan: 14.5 million euro for SME development received

The European Union (EU) has allocated 14.5 million euros for Azerbaijan as part of the program on the country’s regional development, the Azerbaijani Economy Ministry said. The agreement, signed during the meeting between Azerbaijan’s Economy Minister Shahin Mustafayev and EU Ambassador to Azerbaijan Malena Mard, envisages twinning and technical assistance, creation of an information system…

Azerbaijan: exports of agricultural products up in January-October 2016

In January-October Azerbaijan exported agricultural products valued at $311.673 million, up by 22.3% YoY, the Ministry of Agriculture declared. According to the announcement, fruit and vegetables formed most of the exports of agricultural products ($270.842 million). In January-October Azerbaijan exported 11.19 thousand tons of raw hides at $12.248 million, and 16.57 thousand tons of oats…

Azerbaijan: Baku airport serves 3 million passengers in January-November 2016

The Heydar Aliyev International Airport served more than 231,000 passengers in November, up by 23% YoY, the airport’s press service said. The airport served almost 3 million passengers in January-November. Of them, 1.8 million passengers chose to fly with Azerbaijan’s national carrier, Azerbaijan Airlines (AZAL). Some 500,000 passengers were transported via AZAL domestic flights to…

Azerbaijan: another 26 agroparks to be built

It is planned to build another 26 agroparks in Azerbaijan, the country’s Economy Minister Shahin Mustafayev said. He said that the agroparks would be built in 19 districts of Azerbaijan. A variety of processing and manufacturing enterprises are planned to be built in these agroparks. Currently, the work is underway in Azerbaijan to create ‘Yalama’…

Azerbaijan: economy to grow in 2017

Slowdown of the global economy’s development, deterioration of the macroeconomic indicators affected Azerbaijani economy as well, the country’s parliament speaker Ogtay Asadov said. He made the remarks at a plenary session of Azerbaijani Parliament during the discussion of the country’s draft state budget and the concept of socio-economic development for 2017 and the next three…

Azerbaijan and Pakistan mulling joint production

Azerbaijan is ready to create necessary working conditions for Pakistani companies in the country, Shahin Mustafayev, Azerbaijani minister of economy, said. “Pakistani companies show interest in activity in such fields in Azerbaijan as industry, production of agricultural equipment, accumulators, as well as pharmaceutics”, the minister said. He added that pharmaceutics was of special interest for…