Since 2004, Azerbaijan has implemented the state program on socio-economic development of regions. At a January 30 meeting on the occasion of the third anniversary of execution of the State program of development of regions in 2014-2018 the role of government was highly appreciated. However, independent experts do not share this opinion.
Economist Rovshan Agayev said that more than 80% of the Gross Domestic Product (GDP) is generated in the capital and its surroundings (Sumgait and Absheron region). GDP per capita in the Absheron Peninsula exceeds 21,000 manat, while in the regions it is less than 2,000 manat.
Outside the city of Baku taxes of 828 million manat are collected - not more than 5% of the state budget revenue. And this year, the share of regions in tax revenues will fall even more, and is projected at 620 million manat, or 3% of the state budget revenues.
The economist also noted the low level of involvement of regions in the country's exports - 3%. ---- 08D
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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