British Company Introduced Concept of Development of Baku for Next Decade

Azerbaijan's industrial output from January to August 2024 reached 42.4 billion manats, driven by contributions from both industrial enterprises and individual entrepreneurs. However, despite this robust performance, shifts within key sectors highlight the evolving dynamics of the nation's economy.

Azerbaijan, despite its larger natural and labor resources, is trailing behind its smaller neighbors Georgia and Armenia in banking sector development, according to Samir Aliyev, head of the Union for Economic Initiatives Support. His analysis of the financial performance of South Caucasus countries during the first half of 2024 paints a stark contrast to the country’s image as the economic leader of the region.

The Caspian International Investment Company JSC ended 2023 with a net loss of 557,000 manats, a significant improvement compared to the previous year, when losses were four times higher. The company's pre-tax losses for the year amounted to 264,000 manats, 11 times lower than in 2022, while income tax payments of 293,000 manats highlighted the efficiency achieved through strategic fiscal management.

The 24th Republican Beekeeping Exhibition and Fair opened in Baku on Monday, with around 120 tons of honey products on sale. The event features the participation of 275 beekeepers from 39 districts across Azerbaijan and will run until September 29.