In 2012, in the Nakhchivan Autonomous Republic (NAR) was established 21 legal persons and liquidated 22 companies. According to experts, this trend indicates a low level of development of private business in this autonomy.
According to the State Statistics Committee, the NAR, as of 1st January 2013 there are 1832 statistics reporting units, including state agencies and local governments. According to local media, business in this autonomous region is concentrated in the hands of the Supreme Mejlis of Nakhchivan Vasif Talibov, a relative of President Ilham Aliyev. Talibov controls "Cahan Holding" "Gemiqaya Holding", which produce the bulk of GDP of Nakhchivan. - 08B-
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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