Azerbaijan: economy to grow in 2018

The European Bank for Reconstruction and Development (EBRD) has forecast a 2% growth of Azerbaijan’s economy in 2018, according to the EBRD’s updated Regional Economic Prospects report. The bank forecasts Azerbaijan’s economy to contract by 0.5% in 2017, according to the report. After a brief period of volatility in the beginning of 2017, the Azerbaijani…

Azerbaijan to open trading house in UAE

Azerbaijan is ready to open a trading house in the UAE and appoint a trade representative there, Azerbaijani Economy Minister Shahin Mustafayev said. He made the remarks at the 6th meeting of the Azerbaijan-UAE intergovernmental commission for trade, economic and technical cooperation in Dubai, reads a message of Azerbaijan’s Economy Ministry. Speaking about trade relations…

Azerbaijan: UAE to boost trade exchange

The existing economic cooperation level between the United Arab Emirates (UAE) and Azerbaijan doesn’t reflect the true potential of the two countries, UAE Minister of Economy Sultan bin Saeed Al Mansouri declared. Al Mansouri made the remarks on the eve of the 6th meeting of the UAE-Azerbaijan Joint Commission on Economic, Commercial and Technical Collaboration…

Azerbaijan: wheat imports up in January 2017

In January Azerbaijan increased wheat import 3.4-fold YoY, to 58.7 million tons, the State Statistical Committee of the Republic of Azerbaijan reported. According to the statistics data, the general cost of imported wheat to the country totaled $10.857 million (up 3.2 times). Also, in the reporting period Azerbaijan imported 1.426 thousand tons of vegetable oils…

Azerbaijan: AtaBank increasing capital

Azerbaijan’s Financial Market Supervisory Authority (FIMSA) has registered the additional issuance of shares of AtaBank OJSC in the total amount of 20 million manats, FIMSA said in a message on March 10. One million shares have been issued at a par value of 20 manats each. The shares will be placed via closed subscription. AtaBank…

Azerbaijan: AZAL stops Baku-Ganja flights

Azerbaijan Airlines (AZAL) stopped its flights on the Baku-Ganja route on January 9, the company’s press reported.

The press service said it was economically inefficient to carry out these flights.

The Baku-Ganja flights were carried out daily using Embraer aircraft. Ticket prices started from 30 manats. (Trend/Business World Magazine)

Azerbaijan to create joint drug plants with Turkey and Ukraine

Azerbaijan is holding negotiations to create pharmaceutical plants jointly with Turkish and Ukrainian companies, Shahin Mustafayev, Azerbaijani economy minister and chairman of the country’s Tariff (price) Council, said. Mustafayev noted that currently those Turkish and Ukrainian companies were preparing business plans and documents on technical justification of their projects. “Meanwhile, work is being carried out…

Azerbaijan: new appointments in Tax Ministry

Habil Mammadov and Sarkhan Mammadov have been appointed heads of new departments at the Azerbaijani Ministry of Taxes, says a message on the ministry’s website. Habil Mammadov was appointed the director general of the Special Revenues Department and Sarkhan Mammadov was appointed the director general of the Baku City Department for work with small entrepreneurs.…

Azerbaijan and Iran to mull expansion of co-operation in banking sphere

Azerbaijan intends to expand cooperation with Iran in banking sphere, Azerbaijan’s Economy Minister Shahin Mustafayev said. The banking sphere is one of the most prospective directions for the expansion of the Azerbaijani-Iranian cooperation, the minister said. He noted that as part of the intergovernmental commission’s meeting, such structures as the Financial Market Supervisory Authority and…