Baku / 20.09.17 / Turan: A seminar on Journalist Support to Economic Reforms
is taking place at the Holiday Inn Hotel today. The event has been organized in the framework of the joint project of the Azerbaijan Fund for the Promotion of Entrepreneurship and Market Economy and the International Center for Private Enterprise (CIPE) based in the US.
The aim of the project is to attract expert assistance to the presentation of recommendations on economic reforms in Azerbaijan, the head of the Fund Sabit Bagirov said.
At the seminar experts shared their vision of the economic situation and necessary reforms in Azerbaijan.
As Doctor of Economy, Professor Inglab Ahmedov noted, the collapse of world oil prices has raised the urgency for diversification of the economy of Azerbaijan.
For such small countries as Azerbaijan, diversification of exports is necessary. However, for entering the world market with competitive products it is important to attract innovation and advanced technologies. And this is possible in conditions of attracting investments. Despite some measures in this direction, statistics
shows there is no serious progress.
Thus, in the first half of 2017, the country's economy did not attract more than 400 million US dollars, and this is a very small figure.
The head of the Economic Reforms Center Ghalib Togrul stressed the need for
improvement of anti-monopoly legislation and creation of conditions for competition.
In his view, real changes can be achieved when implementing WTO standards.
The seminar also presented presentations on other topics: "Why should subsidies be allocated to agriculture?" (expert Vahid Maharramli), "Why should a large examination be carried out?" (Professor Rasim Hasanov), "How to reduce the negative impact of devaluation on entrepreneurship? "(expert Samir Aliyev), "How can leasing be developed? "(Ilkin Garayev), and "How to increase investments" (Azer Mehdiyev). -06d--
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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