The Ministry of Economy continues discussions with the business community to address the challenges to increase local production.
During meetings with representatives of the meat, dairy and winemaking industries in the Ministry of Economy, they studied challenges to increase their productive capacity. These efforts are aimed at reducing the country's dependence on import of certain products.
The Economy Ministry told Turan that during the meeting with representatives of 15 enterprises of meat and milk industry requirements were announced for preferential import of certain products (mixed feed materials) and equipment for production and packaging. The companies also suggest giving them lands suitable for agriculture for feed production.
Wineries need to stimulate the creation of enterprises focused on the production of import-substituting goods that are used in the wine industry.
The Milli Majlis on 19 January this year made amendments to the Tax Code, providing for tax exemptions for 7 years for investors who have received appropriate confirmation (in the form of a document to encourage investment) from the Ministry of Economy. ----08D
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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