Baku to Host I Azerbaijan - European Investment Conference
I European- Azerbaijan Investment Conference will be held on September 11 in Baku, in the building of the Azerbaijan Diplomatic Academy.
The Foundation to Promote Exports and Investments in Azerbaijan told Turan the conference is organized with the joint participation of the German- Azerbaijan Chamber of Commerce. It is expected that the conference will bring together 40 entrepreneurs from Europe.
European countries are active investors in the economy of Azerbaijan. According to the State Statistics Committee of Azerbaijan, only in the first half of 2013, Britain invested in Azerbaijan is $ 746.5 million , Norway - $ 208 million, the Czech Republic - $ 129 million, France - $ 58 million, while Germany was scanty - $ 1.3 million. The bulk of investment is the share of the oil sector. - 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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