In terms of public-private partnerships at its own expense the Azerbaijani company Benkons is building two kindergartens in the Russian republic of Tuva, local media reported.
In 2015, between the Ministry of Construction of the Republic of Tuva (Russia) and Benkons LLC an agreement was signed on social and economic cooperation. Under this agreement, two kindergartens are under construction in Kyzyl on Prigorodnaya Street for 160 places and at 1/1 Druzhba Street for 280 places.
In the construction of these kindergartens Benkons has invested 200 million rubles.
In this region of the Russian Federation Benkons LLC is constructing a five-star hotel and has a number of enterprises producing construction materials.
Benkons LLC was established in Baku in 2008 and has subsidiaries in Russia, Germany and Bosnia and Herzegovina. It is in Gilan Group. Any corporate social responsibility activities of Benkons in Azerbaijan are not known. ----08D
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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