Azerbaijan: car plant groundbreaking ceremony held

A groundbreaking ceremony for construction of a joint Azerbaijani-Iranian car plant was held on August 6, in Azerbaijan’s Neftchala industrial quarter. The plant is a joint project of Azerbaijan’s AzEuroCar LLC and Iran’s giant automaker Iran Khodro. Azerbaijan’s Economy Minister Shahin Mustafayev and Iran’s Minister of Industry, Mine and Trade Mohammad Reza Nematzadeh participated in…

Azerbaijan: export & investment opportunities with China expand

The Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and the China Council for the Promotion of International Trade (CCPIT) signed a memorandum of understanding. The memorandum was signed during the meeting of representatives of AZPROMO and CCPIT in Baku. The memorandum stipulates expanding joint export and investment opportunities between Azerbaijan and China, as well as…

Iran negotiating gas swap with Azerbaijan and Turkmenistan

An Iranian private company is negotiating gas swap with Azerbaijan and Turkmenistan, Azizollah Ramazani, director of the International Affairs Department at the National Iranian Gas Company (NIGC), said. He did not unveil further details. Iran has already announced readiness for natural gas swap projects with Russia, Turkmenistan and Azerbaijan. It was earlier announced that Iran…

Azerbaijan achieves significant progress in financial transparency

Azerbaijan has made significant progress in financial transparency, said the report of the US Department of State. “Azerbaijan made significant progress during the review period by publishing more detail on planned expenditures, including allocations to state-owned enterprises”, said the 2016 Fiscal Transparency Report. Fiscal Transparency Report describes the minimum requirements of fiscal transparency developed, updated,…

Azerbaijan: Moody’s confirms issuer rating

The international ratings agency Moody’s Investors Service has confirmed Azerbaijan’s long-term issuer and senior unsecured debt ratings at Ba1 and assigned a negative outlook. Azerbaijan’s rating was changed in February, and the outlook on it was changed to “negative” in April. Earlier, the international ratings agency Fitch Ratings also approved of the long-term issuer default…

Azerbaijan plans to start laying rail lines to border with Iran

Azerbaijan Railways CJSC plans to start laying rail lines in mid-August within construction of a railway section from Azerbaijan’s Astara station to the border with Iran as part of the North-South transportation corridor, Nadir Azmammadov, spokesperson for Azerbaijan Railways, said. The North-South transportation corridor is meant to connect northern Europe with South-Eastern Asia. It will…

Azerbaijan: 65 new projects for investment

Azerbaijan Export and Investments Promotion Foundation (AZPROMO) has updated the catalogue of Azerbaijan’s investment projects by including 65 projects, said a message from the country’s Economy Ministry. It was noted that the purpose of updating the catalog is to promote the attraction of foreign investment in Azerbaijan’s non-oil sector. The catalogue includes 65 projects covering…

Azerbaijan discussing projects in pharmaceuticals and car industry with Iran

Azerbaijan and Iran have discussed the projects for joint production of pharmaceutical products, cars and car spare parts, said the message from Azerbaijan’s Economy Ministry. The issues were discussed during the meeting of Azerbaijan’s Economy Minister Shahin Mustafayev with Iran’s Minister of Communication and Information Technology Mahmoud Vaezi. Vaezi was on an official visit to…

Azerbaijan: 12 projects receive investment promotion documents

Twelve more entrepreneurs have received investment promotion documents worth a total of 106 million manats for their projects. The documents were handed to the entrepreneurs during the event organized by Azerbaijan’s Economy Ministry on July 29. Azerbaijan’s Deputy Economy Minister Niyazi Safarov said that despite the difficult economic situation in the world, Azerbaijan took systematic…

Azerbaijan: investments in Turkey to go up

Azerbaijan plans to increase investments in Turkey up to $20 billion until 2018, said Azerbaijan’s Economy Minister Shahin Mustafayev. “Currently, the volume of Azerbaijani investments in Turkey totals $8 billion”, said Mustafayev. He also noted that Turkey had invested nearly $10 billion in Azerbaijan. More than 1,700 Azerbaijani companies operate in Turkey and the number…