Azerbaijan, taking credit for being one of the world’s oldest wine growing countries, intends to expand the export of wine to China, the world’s second-largest economy. The issue was the key topic of talks between local winemakers and the trade representative of Azerbaijan in China, Teymur Nadiroglu. Nadiroglu informed entrepreneurs about the Chinese wine market,…
Azerbaijan’s external debt stood at $7,172.6 million (12,208.5 million manats) as of July 1, which accounts for 18.9% of the country’s GDP, said Azerbaijani Ministry of Finance. The statistics on borrowings include direct liabilities of the Azerbaijani government and contingent liabilities for loans attracted under state guarantee. Azerbaijan’s external debt consists mainly of funds raised…
The trade turnover between Azerbaijan and Georgia amounted to $425.91 million in January-July, up by 34.2% YoY. Azerbaijan occupies the fifth place among the importers of Georgian products, according to Georgia’s Statistics Service. During the reporting period, the supply of goods from Georgia to Azerbaijan increased by 83.5%, to $106.07 million. The share of Azerbaijan…
More Russian airlines will fly to Azerbaijan, which enjoys a growing popularity among Russian tourists. The “Ural Airlines” has received permission to fly to Azerbaijan, according to the Rosaviation, Russia’s Federal Air Transportation Agency. The airline received a permission to perform the regular passenger flights Moscow-Lankaran with a frequency of seven times per week. “IrAero”…
Azerbaijani President Ilham Aliyev has signed an order to provide funding for the construction of Chaparli-Kandoba-Jalayir road. Under the presidential order, 5.8 million manats is allocated from the state budget for the construction of the road connecting eight residential areas with a total population of 8,000 people. (AzerNews/Business World Magazine)
Italian food giant Ferrero SpA has held talks with the government of Azerbaijan, which may lead to the company’s support of the hazelnut cultivation in the country. The issue was mulled by Azerbaijani Minister of Agriculture Heydar Asadov and Ferrero officials. Azerbaijan is attempting to increase hazelnut production through a package of incentives that include…
World Bank (WB) forecasts the grow of 0.5% to 1% of the Azerbaijan’s economy in 2018, head of the bank’s Baku office Naveed Hassan Naqvi said. This year, Azerbaijan’s economy will probably contract by 1-1.5%, he said. “Unfortunately, Azerbaijan is overly dependent on oil,” he noted. “Nonetheless, oil prices decline and subsequent devaluation of the…