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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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China has solidified its position as the leading importer to Azerbaijan, overtaking other countries in terms of the volume of goods imported during the first two months of the year, according to data from Azerbaijan's State Statistics Committee (SSC). During January and February, Azerbaijan's foreign trade turnover reached approximately $6.4 billion, with imports accounting for $2.65 billion or 31.7 percent of the total.
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In a significant move to enhance their energy partnership, Azerbaijan and Saudi Arabia signed several key documents on May 3rd, aimed at expanding their collaborative efforts in renewable energy and climate change initiatives.
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A recent study by the Institute of Socio-Economic Transformation (ISET), the CASE analytical center, and the Economic Expert Platform has revealed that the State Oil Company of the Azerbaijan Republic (SOCAR) topped the list of taxpaying gas stations in Ukraine last year. According to the research, in 2023, SOCAR led in paying fuel taxes in three quarters and payroll taxes in two quarters, as reported by tsn.ua.
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Rovshan Najaf, President of the State Oil Company of the Republic of Azerbaijan (SOCAR), met on May 2 with Alexey Chernyshov, CEO of the Ukrainian company Naftogaz, to discuss expanding collaboration in the oil and gas industry. The discussions, according to a SOCAR statement, focused on possibilities for Azerbaijani gas storage in Ukraine and explored broader energy issues including energy transition and decarbonization.
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