Minister of Economy to Take Part in Laying Astara Railway Bridge
According to the Azerbaijani Ministry of Economy, a railway bridge will be laid in Astara over the river of the same name on April 20. It will connect two towns of the same name in Azerbaijan and Iran.
After the ceremony, the meeting of co-chairs of the intergovernmental commission on economic, trade and humanitarian issues will take place. Baku is represented by a delegation headed by the Minister of Economy Shahin Mustafayev, and Tehran is represented by a delegation headed by the Minister of Communications and ICT Mahmoud Vayezi.
Recall, according to the plans for the implementation of the transport corridor North-South, along with the construction of the bridge, an 8-kilometer stretch of the railway will be built on the territory of Azerbaijan and a 2-km section will be built in Iran. This will let transport goods from India, South Korea and China through the Iranian port Bandar Abbas on transit through Azerbaijan to Russia, Georgia, Ukraine, etc. --17D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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