In the first quarter of 2015, 1,714 legal entities were established in Azerbaijan and the total number of state, municipal and private commercial entities reached 96.4 thousand by 1 April.
According to the State Statistics Committee, for the three months 24 state and 32 municipal enterprises were set up and 43 SOEs were closed down. This year 147 companies with foreign capital have been established.
The analysis of the data on commercial legal entities released by the Ministry of Taxes shows that about 70% of the new companies are created by a group of individuals involved in questionable transactions and terminated later. In the first quarter of this year the state register of commercial legal entities excluded 130 subjects, including 87 private enterprises, with foreigners involved in the capital of 17 of them. --08D
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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