Azerbaijan's Oil and Gas Sector GDP Rises by 0.6% Amid Increased Investment

In a strategic move to enhance state support for agriculture and leasing activities, President Ilham Aliyev of Azerbaijan signed a decree on July 15, 2024, amending the “Procedure for Obtaining and Guaranteeing Debt on Behalf of the Republic of Azerbaijan.” These changes, guided by paragraph 32 of Article 109 of the Constitution of Azerbaijan, align with Decree No. 413 from December 19, 2018, and aim to regulate the use of funds by the Agrarian Credit and Development Agency under the Ministry of Agriculture.

On July 15, 2024, President Ilham Aliyev of Azerbaijan signed a decree enacting significant amendments to the Tax Code, Customs Code, and the laws on state duty, licenses, and permits. These changes, effective from May 24, 2024, under Law No. 1163-VIQD, aim to strengthen regulatory oversight and streamline procedures for business entities engaged in various economic activities, particularly in the tobacco industry.

On July 15, 2024, President of Azerbaijan Ilham Aliyev signed a decree to implement significant amendments to the country's law on tobacco and tobacco products, marking a major regulatory step. These changes, effective from May 24, 2024, under Law No. 1161-VIQD, aim to improve the regulatory framework governing the production and import of tobacco products.

As of July 1, 2024, the number of individual entrepreneurs in Azerbaijan registered to carry out business activities without forming a legal entity has surpassed 1.356 million, according to the State Statistics Committee. This marks an increase of 26,640 new entrepreneurs since February 1, highlighting the growing entrepreneurial spirit in the country.