The Azerbaijani government predicts to increase its wine production by 2024, boosting the profitability and export potential of this sector. Winery occupies one of the most important places in the food industry in Azerbaijan. The country is famous for its high quality grape varieties. At present, about 40 winemaking enterprises operate in Azerbaijan, producing natural…
In order to review prospects of bilateral cooperation in maritime sector, Ambassador of Mexico Rodrigo Labardini has met with Director of Azerbaijan’s State Maritime Agency Gudrat Gurbanov. Welcoming the ambassador, the director spoke about agency’s functions, its bilateral and multilateral links. Also, he underlined agency’s activity within the International Maritime Organization (IMO). In this regard,…
Minister of Labor and Social Protection of the Population Sahil Babayev has said that average monthly wages will be increased by 14% in 2019. “We expect that the average monthly wage growth in 2019 will be 14%. There are good prerequisites for this. The salary fund grew by 34% over 10 months, and the median…
Azerbaijan has invested about $350 million in the UAE economy, Azerbaijani Minister of Economy Mikayil Jabbarov said. Jabbarov made the remark at the fourth meeting of the Azerbaijan-UAE Joint Intergovernmental Commission on Economic, Trade and Technical Cooperation in Baku. “Some $2.2 billion were invested in the Azerbaijani economy by the UAE, of which $900 million…
The Central Bank of Azerbaijan (CBA) raised 150 million manats ($88.2 million) from banks at a deposit auction on November 12. Supply exceeded demand over 4.4-fold and reached 663.7 million manats ($390.4 million). The interest rate on deposit transactions concluded within the auction was 6.01%. Term of placement of funds is 13 days. The CBA…
The volume of bilateral trade between Spain and Azerbaijan has increased by 5.5% in the first semester of 2019, Charge d’affaires ad interim of Spanish embassy in Baku Ignacio Sanchez Taboada declared. He noted that economic and other private relations had clearly increased in 2018, though there was still much room for improvement. “Our bilateral…
The SOCAR Polymer LLC, a subsidiary of Azerbaijan’s state oil company, will reach full capacity in the production of high-density polyethylene in 2023. According to the updated government forecasts, by the end of 2019, 48,200 tons of high density polyethylene and 110,000 tons of polypropylene will have been produced at the company’s plants. Meanwhile, the…