Statement by President Ilham Aliyev at the Cabinet meeting on plans to create conditions for increasing foreign investment caused skepticism among independent experts. "In order to attract foreign investment, in the first place, the country should have normal judicial system," told Natig Jafarli, Executive Secretary of REAL Movement.
There may be some political and other problems in the country, but an indispensable condition for attracting foreign investment is the existence of an independent judiciary. "The situation with oil contracts was different. Behind them was a state support and guarantees, and therefore it was possible to attract large investments," said Jafarli.
Small investments in the non-oil sector are explained by the absence of such a reliable supply, as an independent court. It is for this reason foreign investors refrain from investment in Azerbaijan, said on.-05B-
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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