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…

Azerbaijan and Iran to mull North-South corridor’s implementation

Azerbaijan and Iran will discuss the second stage of implementation of the International North-South Transport Corridor, Azerbaijani Economy Minister Shahin Mustafayev said. The first stage of implementation of the North-South transportation corridor is nearly completed, said the minister. “We are already completing the construction of the railway to the Iranian border and the railway bridge…

Azerbaijan-Iran drug plant’s foundation to be laid in January 2017

Foundation of the Azerbaijan-Iran joint pharmaceutical plant in the Pirallahi Industrial Park will be laid in January 2017, Azerbaijani Economy Minister Shahin Mustafayev said. Iran’s Minister of Cooperatives, Labor and Social Welfare Ali Rabiei will take part in the groundbreaking ceremony of the plant which is an Azerbaijan-Iran joint enterprise, Mustafayev said. Over $30 million…

Azerbaijan: entrepreneurs to visit Iran

Azerbaijani entrepreneurs will pay a visit to the Iranian cities of Tabriz and Ardabil on January 14-17, 2017, the Azerbaijan Export and Investments Promotion Foundation (AZPROMO) said in a message. Meetings with Iranian entrepreneurs are planned during the visit to expand ties among the businessmen of Iran and Azerbaijan. The visit will take place under…

Azerbaijan: priority areas for Poland’s investments disclosed

Agriculture, tourism, oil industry, chemical industry, industrial parks are priority areas for Poland’s investments, Azerbaijani Minister of Energy Natig Aliyev said. The minister made remarks at the seventh meeting of the Azerbaijan-Poland intergovernmental commission on trade-economic cooperation in Warsaw on December 18-21, the Azerbaijani embassy in Poland reported. Aliyev, who is also a co-chairman of…

Azerbaijan to bolster leasing market

A bill “On Leasing Activities” will be drafted in Azerbaijan in 2017, says the Strategic Road Map for the Manufacture of Small and Medium Entrepreneurship-Level Consumer Goods in Azerbaijan. A relevant legislative and regulatory framework will be formed on the basis of the new law and this will allow creating more favorable conditions for leasing…

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…