Today's plenary session of Milli Majlis ratified an intergovernmental agreement on the coordination of railways of Azerbaijan and Iran.
According to the chairman of the Parliamentary Committee on Economic Policy, Enterprise and Industry Ziyad Samadzade, the document will accelerate the work on the bilateral cooperation and within the North-South project in the railway transport sector.
The agreement provides for the construction of a railway from Astara, Azerbaijan to the border with Iran, with the length of 8.3 km, the completion of the road Qazvin-Rasht in Iran, as well as the construction of the Rasht-Astara road (164 km).
In addition, cargo handling terminals and border crossings will be built in both states, and the very same section of the railway Astara - Astara will be given to the mutual use
Moreover, the conditions will be created for the transport of goods and passengers along the route Baku-Astara-Rasht-Qazvin-Tabriz-Julfa-Nakhchivan, organized by the movement of the passenger route from Nakhchivan to Mashhad via Julfa, Tabriz and Tehran.
At the meeting, the parliamentarians also adopted in the final reading the draft laws On Agricultural Cooperation and On Science. According to the chairman of the Agrarian Policy Committee Eldar Ibrahimov, co-operation of small and medium-sized businesses in particular will greatly benefit the development of agricultural industry. --17D-
Economics
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The Supreme Eurasian Economic Council of the Eurasian Economic Union (EAEU) convened today, December 26, 2024, at a summit highlighting the evolving dynamics of regional cooperation and the complex interplay of geopolitical interests among EAEU member states. The meeting, held in Saint Petersburg, brought together the leaders of the EAEU countries to discuss a robust agenda that could shape the bloc's trajectory in 2025 and beyond.
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The Union of Chambers of Commerce and Industry (UCCI) of the Organization of Turkic States (OTS) held its General Assembly in Baku on December 26, highlighting dynamic economic growth and deepening integration among member states. Representing Azerbaijan and other OTS member states, business and government leaders discussed trade, investments, and regional connectivity projects.
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Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
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Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
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