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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According to data released by the State Statistics Committee, Azerbaijan’s agricultural sector achieved slight production growth in the first eight months of 2024. The total volume of agricultural production reached 8.723 billion manats, which is 0.8% higher than during the same period last year. However, this growth occurs against a backdrop of increasing food imports, despite significant government subsidies aimed at supporting domestic agriculture.
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Azerbaijan has unveiled strong fiscal indicators for the first eight months of the current year, reporting a state budget surplus that underscores the country’s economic resilience amidst global uncertainties. According to operational data released by the Ministry of Finance, state budget revenues from January to August 2024 reached 25 billion 223.4 million manats, while expenditures amounted to 22 billion 362.4 million manats.
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Azerbaijan has made significant progress in diversifying its energy balance, with renewable sources playing an increasingly important role in the country's electricity production. Operational data for January-August 2024 show that total electricity generation reached 19,235.4 million kilowatt-hours (kWh), marking a noticeable shift towards greener energy.
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Bilateral relations between Azerbaijan and Russia are accelerating, particularly in the agricultural sector, as Deputy Prime Minister Shahin Mustafayev and Russia’s Minister of Agriculture Oksana Lut underscored during their high-level meeting on September 13 in Baku.
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