The American Chamber of Commerce in Azerbaijan (AmCham) has presented the sixth edition of the Whitepaper entitled ‘Observations and Recommendations for Business Environment Improvement in Azerbaijan.’ The document presents recommendations to the Government to provide tax incentives for the oil sector in order to attract investment, including foreign investment, into Azerbaijan's economy.
The Chamber recommends using free or reduced tax rates on the priority areas of the non-oil industry and business activities based on international experience.
The Whitepaper shows AmCham suggestions for improvement of customs activities, finance and insurance, information technology, labor and migration, tourism and justice. ----08D
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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