Baku held a public hearing on Industrialization and Innovative Development.
According to the chief of a department of the Presidential Administration Elkhan Mikayilov, at the first stage of preparation of international experience in the development of 11 sectors of national economies the strategic roadmap of the Azerbaijani economy has been studied, including 8 core and 3 procurement sectors. The next step is the second stage, which will allow identifying specific projects and programs that contribute to the development of the mentioned sectors.
"So, the industry sector provides for the development of oil and gas and chemical industries, heavy industry and mechanical engineering, as well as key industry sectors, where capabilities of small and medium-sized businesses are required. But we still have difficulty with the production of competitive products. In addition, our products are not yet in line with international standards - these two factors are the main export problem. And yet, local businesses should develop management skills. There are problems with pricing, but this is a topic for further discussion," he said.
According to him, despite the increase in the share of non-oil sectors to 70% of GDP, it is not enough for a full exemption from oil dependency that poses new challenges to the state. --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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