Oil prices fell three times in 2015, because of which the income and expenses of Azerbaijan sharply reduced. In 2015 it managed to save budget expenditure. Unfortunately, global processes do not give grounds for optimism in 2016. This is stated in the article by the Azerbaijani President Ilham Aliyev, Azerbaijan's Future Economy, published on the website of the Davos Economic Forum.
According to Aliyev, in recent years, Azerbaijan has attached great importance to the local production, and public and private investment is put in this area.
In addition, measures are taken to improve the business climate, cancel unnecessary inspections and reduce licensed activities. Work is ongoing to improve the transparency of economic and financial sectors.
Because of this, Azerbaijan took the 40th place in the world and first in the CIS in the competitiveness ranking of the Davos Forum.
According to Aliyev, the share of non-oil sector in Azerbaijan's GDP is 70%. In the coming years, Azerbaijan aims to accelerate the development of this particular sector.
Among the achievements of the country he called the development of the tourism sector, the activity of worldwide hotel brands in Baku, creating the ASAN service and the construction of an international trading port. -16D-
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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