The Head of State ordered on 26 February to establish the Mingechevir Industrial Park. Prior to that, in 2011-2012 the state created Balakhani Industrial Park, Sumgayit Chemical and Industrial Park (SCIP) and Pirallahi High-Tech Park, which are still at the stage of formation and organization.
According to the document, the new industrial park will be organized on an area of 14.8 hectares of JSC Mingechevir Toxucu JSC (Mingechevir Weaving Factory created in 1960) and managed by LLC SCIP. In other words, it will not be a legal entity. The President instructed the government to eliminate this JSC within two months. Note that the state owns 99.31% of the shares of the joint-stock company with registered capital of 1 million 375 thousand manat. The remaining 0.69% of the shares was purchased by members of the personnel of the factory. In 2009, it was reported that this company employed 800 people.
Another decree of Ilham Aliyev previously allocated AZN 2 million from the state budget for the organization of activities of Mingechevir Industrial Park, demolition of existing buildings, etc. ----08D
Economics
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review