In 2017, the government intends to finance the agricultural sector with 5% of the budget, which is 1.3% higher than the expected rate for the current year. This is stated in the presentation of the Ministry of Finance on the state budget for next year.
In 2017, to finance the reclamation system, grant subsidies and purchase agricultural machinery there will be spent 823 million AZN, 138.4 million AZN or 20.2% more than projected for this year.
On food security it is planned to allocate 104 million manats, on funding benefits and aid for the cultivation of land - 82 million mantas, and on the development of agriculture, purchase of agricultural machinery and equipment - 268 million AZN.
Note that since 2017 the government has envisaged fundamental changes in the system of subsidizing the agricultural sector through the revision of its mechanism. Subsidies will be provided not on the area of cultivated lands, but on their impact. -----08D
Economics
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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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The German-Azerbaijani Chamber of Commerce (AHK Azerbaijan) hosted its biannual Members' General Meeting in Baku on December 18, 2024, gathering over 80 business representatives to reflect on the chamber’s milestones and chart a path forward.
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