President Ilham Aliyev approved on 30 September the charter of JSC Procurement and Supply of Food Products, whose shares are kept by state at the first stage.
The authorized capital will amount to 100,000 manats. Its mandate includes procurement of food products for the needs of government organizations. Procurement will be carried out within the country, and the food will be imported or exported and sold in wholesale and retail network, if necessary.
By another decree of the President, JSC Procurement and Supply of Food Products will act as an independent entity and will not be subordinated to the Ministry of Agriculture.
The State Committee for Property Affairs of Azerbaijan is tasked to approve the structure of the JSC within one month after the adoption of its statute.
The Head of State has allocated AZN 10 million from the reserve fund of the President of Azerbaijan in the state budget for 2016 for the operation of the JSC.
The decision to establish JSC Procurement and Supply of Food Products was adopted in April this year. -----08D
Economics
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