In the first eight months of this year, industrial production rose by 1%. This increase was observed in the non-oil (3.3%) and oil (0.7%) sectors.
The volume of industrial production in Azerbaijan totaled 20.3 billion AZN. The mining industry accounted for 65.5% of industrial production (up 1.3%, year on year).
According to the SSC, in August, industrial production fell by 7.2% in comparison with July.
The Azerbaijani government uses various mechanisms to encourage investment in manufacturing. At the expense of public investment industrial parks are created and investors are granted tax and customs privileges. Many of the projects on creation of industrial enterprises are expected to finish in the years 2017-2018. -----08D
Economics
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The market for vegetable and animal fats in Azerbaijan is largely shaped by a structural dependence on imports, as domestic production remains insufficient to meet the country's growing consumption needs. This dependency is underscored by several economic factors, including limited agricultural production and a lack of processing facilities, leaving the sector ill-prepared to reduce reliance on foreign supplies.
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The INMerge Ventures venture capital fund has been established in Azerbaijan, aimed at boosting the development of the country’s innovative and startup ecosystems, officials announced on Tuesday.
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Azerbaijan is set to roll out a comprehensive digital economy development strategy in 2025, aimed at transforming the country's economy through human capital development, innovation, and the digitalization of business processes, an official announced on Tuesday.
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Issues related to the development of the energy sector through digital innovations were the subject of negotiations between Rovshan Najaf, President of SOCAR, and Seita Hagihara, President and Vice President of Yokogawa Electric Corporation, a leading Japanese multinational company specializing in electrical engineering and industrial automation.
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