The Austrian companies could increase investments in Azerbaijan, if more comprehensive legal protection was provided, said the Austrian Ambassador to Baku Axel Wech in an interview with Caspian Energy.
According to him, with reference to the Caspian European Club (CEIBC), Azerbaijan should diversify its economy, as its trade surplus is based on oil and gas resources. "The export of oil and gas to Austria is 92% of the trade turnover between our countries," the Ambassador said, noting that "it is important to diversify that."
In the bilateral economic relations, it makes sense to focus on agriculture, turning the Caspian country not only into an agricultural industry products supplier, but also a transport hub.
According to him, the leadership of the majority of the companies with which he talked expressed their intention to continue their activities in Azerbaijan, with the intention to cooperate in the long term, despite the global crisis. In addition to the agricultural industry, they are interested in the development of the local areas of tourism, construction, environmental technology, ICT and infrastructure.
Among the plans there is a visit of the Minister of Agriculture of Austria to Baku in June, as well as a visit of a new parliamentary group on the bilateral friendship and cooperation this year. --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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