The Innovation Center Barama, operating at Azercell Telecom, has launched another project.
As stated in the press release, they signed a memorandum of cooperation with the NGO Development of Young Engineers, supporting professional and social activities of engineers and technical institutions.
Created in 2009, Azercell Innovation Center supports entrepreneurs, as well as projects and new businesses in the IT sector for their transformation into an efficient business. In more than 5 years Barama has launched more than 30 projects, 20 of which were successfully completed. Currently 4 successful companies continue to develop their business. One of the startups, who started the first steps in the Innovation Center Barama, is already working in Virginia (USA). Three projects have received grants for further development in the framework of the "Scientific and technical enterprise" organized with the support of Azercell and CRDF Global, while 6 participants of the program visited California (USA), to explore the world's leading companies in Silicon Valley and meet with experienced investors and businessmen on the worldwide scale. --17D-
Economics
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Under the golden September sun, the Third Grape and Wine Festival took place in Shamakhi, in the village of Meysari on September 7-8, 2024, drawing wine enthusiasts and tourists alike to celebrate Azerbaijan’s ancient winemaking traditions. Organized by the State Agency for Tourism, the festival highlighted the country’s efforts to rejuvenate its viticulture industry, with a focus on boosting local production and expanding export opportunities.
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Azerbaijan has spent over $1.6 billion on large-scale infrastructure projects, including the Crystal Hall for Eurovision, the Olympic Stadium in Baku, and the Shahdag ski resort. But according to Fikret Mamedov, a graduate of London Business School and director of Sage Solutions, this spending has not provided long-term benefits for the country’s economy.
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The outcome of the 44-day Second Karabakh War in 2020 has significantly reshaped the ranking of foreign direct investment (FDI) into Azerbaijan's economy, economist Gubad Ibadoglu said in an article. Recent data show a notable rise in investments from Russia, Turkey, and China, particularly targeting the liberated territories. However, Western investments have remained limited, as barriers such as monopolies, a lack of judicial independence, and the government's classification of states as "friendly" or "unfriendly" have dampened interest.
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On September 6, the State Oil Company of Azerbaijan (SOCAR) has announced a partnership with American oilfield services firm Halliburton to conduct research aimed at reassessing the hydrocarbon potential of the shallow-water section of the Guneşli field.
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