On 18 January President Ilham Aliyev signed a decree on the promotion of non-oil exports in order to increase the production and export of competitive products. The Cabinet of Ministers was commissioned to prepare within a month draft documents to ensure that the mechanism of the return of the funds from the export of agricultural products and products of its processing. The government mandated to fund a series of events for the promotion of export activities.
The document also provides for the preparation of proposals for the provision of additional benefits on loans granted from the National Fund for Entrepreneurship Support. The Ministry of Economy is in charge to study within two months the possibility of creating logistics centers in potential export markets Azerbaijani goods, and develop a portal database on the export of goods. -08D-
Economics
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In 2024, Azerbaijan witnessed significant growth among rapidly expanding enterprises, particularly in the booming non-oil sector. As the government prioritizes economic diversification, companies in industries such as mining, logistics, agriculture, and manufacturing have emerged as key drivers of economic progress.
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Azerbaijan’s State Oil Fund (SOFAZ) reported a 10.7% decline in revenues from the Azeri-Chirag-Gunashli (ACG) oil field block in 2024, amounting to $740.7 million less than the previous year. Total earnings from ACG from the start of 2024 until January 1 stood at $6.16 billion, down from $6.89 billion over the same period in 2023, according to SOFAZ.
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The Azerbaijan Land Transport Agency (AYNA) has reduced the average age of taxis from 15 to 7 years in 2024 as part of comprehensive transport reforms aimed at enhancing safety, sustainability, and service quality.
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Azerbaijan's State Special Communication and Information Security Service (SSCISS) has reported vulnerabilities in the security systems of 857 information resources across state institutions in 2024, marking a 23% increase compared to 2023, according to official data released this week.
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