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President of the Kyrgyz Republic Sadyr Zhaparov signed the Law of the Kyrgyz Republic "On ratification of the Agreement between the Cabinet of Ministers of the Kyrgyz Republic and the Azerbaijan-Kyrgyz Development Fund on the conditions of stay of the Azerbaijan-Kyrgyz Development Fund in the territory of the Kyrgyz Republic, signed on April 8, 2024 in Bishkek."
The legislation, adopted by the Jogorku Kenesh of the Kyrgyz Republic on April 17, 2024, aims to create a conducive environment for the operations of the Azerbaijan-Kyrgyz Development Fund (referred to as the Fund) within Kyrgyzstan.
Key provisions of the agreement include the recognition of the Fund's premises as inviolable, with access granted to Kyrgyz state officials only with the consent of both the Kyrgyz and Azerbaijani Co-Chairmen of the Fund's Board. Furthermore, non-Kyrgyz citizens employed by the Fund will enjoy diplomatic privileges and immunities akin to those afforded to diplomatic representatives under international law and Kyrgyz practices.
Additionally, the agreement stipulates that items and property imported for official use by the Fund will be exempt from customs duties, taxes, and related charges, following the protocols established for international organizations and their representative offices.
The Azerbaijan-Kyrgyz Development Fund, established during Azerbaijani President Ilham Aliyev's state visit to Kyrgyzstan on October 11-12, 2022, aims to bolster economic cooperation, modernize industries, and enhance bilateral economic ties between the two nations. With an authorized capital of 25 million US dollars, financing for the Fund is exclusively provided by Azerbaijan.
Presently, the Fund is evaluating projects totaling 80 million US dollars, as disclosed by Almaz Mambetov, head of the Almaz Mambetov Foundation, to Kyrgyz media. Mambetov indicated that the projects, predominantly focused on tourism development, are under review and may undergo revisions or potential rejection.
The Fund is currently evaluating projects totaling $80 million, as Almaz Mambetov, the head of the Fund, told Kyrgyz media, noting that projects mainly focused on tourism development are under consideration and may be revised or rejected.
Economics
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Azerbaijan's Energy Minister Parviz Shahbazov has traveled to Italy to participate in the inaugural ministerial meeting of the World Fusion Energy Group (WFEG), scheduled for November 6, 2024, in Rome. The event will be co-chaired by Italian Prime Minister Giorgia Meloni and International Atomic Energy Agency (IAEA) Director General Rafael Mariano Grossi.
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Azerbaijan has introduced a new national standard for Environmental, Social, and Corporate Governance (ESG), officials announced during a briefing organized by the Small and Medium Business Development Agency (KOBİA) at the “Baku SME House.” The event featured Ilham Bayramov, Director General of the Azerbaijan Institute of Standardization (AZSTANDART), and Natig Hasanov, First Deputy Chairman of KOBİA, who provided media representatives with detailed information on the standard's benefits for businesses.
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Azerbaijan Railways CJSC (ADY) transported 6.267 million tons of transit cargo from January to October 2024, marking a 7% increase compared to the same period in 2023. In October alone, transit shipments reached 614,584 tons, 14% higher than in October of the previous year.
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During the virtual conference "COP29 Action Program: Energy Initiatives and Commitments" on November 4, UNIDO (United Nations Industrial Development Organization) expert Smeeta Fokeer highlighted the importance of adopting international commitments on hydrogen and tripling renewable energy capacities by 2030 at COP29 in Baku.
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