The Azerbaijan-Saxon Technology Forum on Innovative Technologies for the Modernization of Industry started in Baku with the assistance of the German-Azerbaijani Chamber of Commerce.
According to the head of the Industry Department of the Ministry of Economy of Azerbaijan Samad Bashirli, Germany actively funds local infrastructure projects, as well as provides them with technical assistance. "The government has already identified areas of cooperation with Germany as part of the non-oil economy," he said, referring to the experience of the European states in mechanical engineering, electronics and pharmaceuticals.
"A common feature that unites all of these industries is a demand for innovation for their development, but our government attaches great importance to cooperation with Germany in the field of innovative technologies," the official said, inviting specifically pharmaceutical companies to the country.
According to a member of the German-Azerbaijani Chamber of Commerce, Michael Hoffman, the gradual transformation of Azerbaijan into a country of origin for non-oil sector products indicates the presence of the potential and possibilities of cooperation between the representatives of the real economy. --17D-
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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