The holding company JSC Synergy Group established an investment company LLC Shamkir Capital Group in Shamkiir, in which it originally invested 200 thousand manat.
The Supervisory Board of the new company consists of the same parties that form the Supervisory Board of the parent company: Deyaten Guliyev, Agasamed Efendiev and Fakhriyar Jabbarov.
Prior to that Synergy Group JSC founded several commercial structures in Shamkir, including Excelsior Hotel Shamkir, AzAgro, Zeyem Tekhnologiyalar Parki, and Shamkir Agropark.
Synergy Group (99% owned by Ashraf Kamilov) is one of the fastest growing holdings in Azerbaijan. This year it will mark the fifth anniversary. In a short time the number of its companies has exceeded 30. The capital of the company reached 50 million manat, while the losses were 33 million manat. The assets rose to 136 million manat as of December 31, 2013. Recently, the group purchased Kovsar Bank JSC. ---08B
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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