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 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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