Silk Way Development Ltd. announced on December 2 on the lowering of the authorized capital of up to 493,630 manat. It is strange that in September this year in the press, it was announced that it downgraded the company's capital from 8.27 million manat to AZN 200,000.
The company was established in December 2011 with a capital of 220,000 manat. According to the state register of commercial legal entities, the founder of Silk Way Development Zaur Akhundov is, who is the president of the group of companies Silk Way Holding.
According to the Register of Enterprises of Latvia, Ltd. Silk Way Development Ltd. is the owner of Silk Way Investment (Azerbaijan).
In April this year Silk Way Investment concluded with the Riga International Airport, a contract to build within two years of the logistics center of goods in the area of 5.5 hectares. Silk Way Investment is to invest EUR 40 million in the project.
Silk Way Development Ltd. is part of a group of Silk Way Holding. Holding unites more than 20 companies in Baku and abroad (SW Airways Inc., SW Cargo Inc., SW G650 VIP Jets SA, SW G650 Business Jets SA, SW Business Jets SA, etc.). --- 08B
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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