Azerbaijan's Minister of Economy Shahin Mustafayev held talks with a delegation of the Arkhangelsk region of the Russian Federation headed by the Governor Igor Orlov.
"This is our first business mission to Baku. We see great potential for mutually beneficial cooperation in sectors such as shipbuilding, agriculture, tourism and the production of hydrocarbons," the Ministry of Economy reported, citing the head of the northern region of Russia.
The parties have agreed to start preparations for the signing of the agreement on trade-economic, scientific-technical and cultural cooperation between the governments, as well as in the near future to exchange business missions.
According to the Deputy Minister of Regional Agricultural Industry and Trade Irina Bazhanova, Arkhangelsk has import capabilities in order to increase trade turnover. "We have large wholesale and retail chains interested in the supply of fruits and vegetables from Azerbaijan. And if intermediary regions are excluded from the supply chain, the retail price will be much cheaper," she said. --17D-
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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