President Ilham Aliyev signed on July 13 a decree "On additional measures to improve favorable business environment and the country's position in international rankings."
In order to achieve these objectives, a special commission has been created, led by Deputy Prime Minister Yagub Eyyubov, and its secretariat.
The Commission is asked to prepare within two months proposals on improvement of legislation and administration to:
- create a business environment based on competition principles, which will ensure optimum profitability of business;
- improve the country's investment attractiveness;
- improve the country's position in international rankings.
The Commission will present proposals for the adoption of the necessary measures in these areas.
To achieve these objectives the Commission is allowed to attract local and foreign experts, specialists and research institutions, and set up working groups. ---08D
Economics
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Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
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Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
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The value of paid services provided to the population in Baku reached 6.94 billion manats in the first eleven months of 2024, reflecting a real-term increase of 9.2% compared to the same period in 2023, according to data from the Baku City Statistical Department.
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According to data from the Baku City Statistical Department, the retail trade turnover in Azerbaijan’s capital, Baku, increased by 5% year-on-year from January to November 2024, reaching 31.6 billion manats. This growth reflects the steady recovery of the economy and consumer confidence amid broader market stability.
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