From January to June 99.8% investments into the production sector fell to oil industry
During 6 months 2012 1 billion 695.5 million AZN ($2,146 billion) was invested into the oil industry of Azerbaijan.
According to the report of Azerbaijan State Statistical Committee, investments into this sector of economy increased by 28.3% against the same period last year. In June 2012 295 million AZN was invested into the oil industry.
The Committee also reported that during 6 months, 2012 investments into the production sector of economy totaled 1 billion 699 million AZN, up 30.6% against the same period last year.
Investments into the electric energy and gas industry totaled 143.7 million AZN. They dropped by 40.8%.
From January to June 2012 investments into Azerbaijani economy totaled 5 billion 924.9 million AZN with the growth of 29.6%.-0-
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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