An official report on the development of local business in the past year has been published, prepared by the Ministry of Economy and Industry.
Last year, the number of businesses in Azerbaijan reached 614 423. Most of them are individuals engaged in business (84.6%), and the rest are legal persons, mostly LLC. The difference also increased - the number of legal entities increased by 9%, while the number of individuals increased by 12.5%.
The main part of the gross domestic product (81.9%) was developed in the private sector, while its share declined slightly - from 85% in 2013.
In industrial production (79.5%) and employment (73.4%) the private sector also leads. This is achieved due to the fact that the major government contractors create many private businesses and order the work to them. --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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