Azerbaijan will take part in a meeting of the founding countries of the Asian Bank of Infrastructure Investments (ABII), which will be held in Beijing on April 26-27.
The bank is established to develop industrial infrastructure (energy, transport, telecommunications, agriculture, water, environment and others) in Asia.
The Memorandum of Understanding on establishing the bank has 25 signatures.
The main engine of the new bank is China and developed countries of Asia. The authorized capital of the bank is $ 50 billion, a significant portion of which will come from Beijing.
Finance Minister Sharifov said at a press conference on Monday that the Azerbaijani delegation will participate in the inaugural meeting.
Sharifov also noted that the 48th annual meeting of the heads of the Asian Development Bank will be held in Baku at the scheduled time on May 2-5. It will bring together around 3,000 participants from 66 countries. –0--
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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