Azerbaijan-Italian business forum will be held on December 6 in Baku Business Center with the organizational support of the Promotion of Exports and Investment in Azerbaijan (AZPROMO).
The press service of the Ministry of Economic Development told Turan that during the bilateral meetings they will discuss the possibility of expanding ties in the industry (furniture, jewelry, etc.), construction, ICT, banking and tourism.
About 30 Italian companies will participate in the Forum in Baku.
The State Customs Committee of Azerbaijan said for 10 months of 2012, exports of goods (mainly oil) from Azerbaijan to Italy was marked at $ 4,490.6 million, representing 55.5% of the figure for the same period of 2011. The share of Italian exports of Azerbaijan for the period was 22.75%. Italy has a solid place in the geography of imports in Azerbaijan (2.5% of total imports). Over the period of the year Italy supplied goods totaling $ 190.9 million to Azerbaijan, which is 0.5% less than in January-October 2011. - 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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