A month before the end of 2012 capital investments in Azerbaijan exceeded the figure for the same period last year by 24%. 9.4 billion AZN of the 12.6 bn AZN of investments in fixed assets was a share of non-oil sector.
According to the State Statistics Committee of Azerbaijan, the level of investment in the oil sector exceeded the general rate of 1%. The share of domestic investment in the portfolio of investments in January-November of this year was 77.2%.
The state is one of the leading donors to the economy. Just this year, the state budget for projects planned to spend about 6 billion manat. In addition, for work in the construction sector funds are allocated from the State Oil Fund. SOCAR also acts as investor in the construction sector.
During 11 months of this year in Azerbaijan was commissioned 1,556,000 square meters of living space, schools for 29,900 students and others places of social and industrial purposes.
However, due to the significant corruption most of the funds allocated to various state projects are stolen. - 08D-
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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