The groundbreaking ceremony for the automobile plant took place today in the Neftchala region in the south of Azerbaijan. This joint Azerbaijani-Iranian venture is under construction in Neftchala industrial quarter. The project is implemented by Azerbaijani company Azeurocar and Iranian manufacturer Iran Khodro cars.
The ceremony took place with the participation of the Minister of Economy of Azerbaijan Shahin Mustafayev and Minister of Trade and Industry of Iran Mohammed Reza Nematzade.
The company is expected to annually produce 10,000 cars Dena, Rana, Soren and Samand. About 300 people will be engaged in the factory. Total investments amount to 22.5 million AZN.
According to the Minister Mustafayev, Iran's investments in Azerbaijan reached 2.65 billion manat, there are 450 companies with Iranian capital in the country.-06D--
Economics
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The Milli Majlis (Parliament) of Azerbaijan began discussions on Monday regarding the draft state budget for 2025, which projects expenditures of AZN 41.368 billion.
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Azerbaijan’s livestock sector has demonstrated modest growth in domestic production, yet it faces significant challenges as imports of meat and dairy products surge. Recent data from the State Statistics Committee underscores this dichotomy, revealing increases in local output but an even sharper rise in imports, accompanied by persistent price inflation.
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Azerbaijan's agricultural sector faces a critical moment as modest growth in grain production fails to offset a troubling decline in productivity. Data from the State Statistics Committee shows that total grain and legume production grew by 0.7% year-on-year, reaching 3.2 million tons by November 1, 2024. However, this growth is overshadowed by a sharp 6.2% drop in yield, highlighting structural inefficiencies in the sector.
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Azerbaijan has dispatched its first rail cargo shipment from Baku to China, marking a significant milestone in its ambitions to become a critical hub along the Middle Corridor. The Azerbaijan Railways (ADY) confirmed on Sunday that the inaugural "Baku-Xi'an" export block train, comprising 62 40-foot containers, has begun its journey.
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