Ministry of Economy Discusses Several Appeals to Obtain Document of Investment Promotion
The Ministry of Economy has received several appeals from investors for investment promotion instrument. This was said by the Minister of Economy Shahin Mustafayev at the Second Business Forum of Europe-Azerbaijan held in ADA University in Baku today.
He said so far no investor had been provided such a document. This document allows investors to be exempted from payment of customs duties and taxes on the import of investment goods, as well as preferential tax treatment for a period of 7 years.
Speaking to 70 investors from EU countries, the Economy Minister pointed to the priorities of Azerbaijan's economy in the coming years. These are: agricultural production and packaging industry, the production of pharmaceutical products and medical equipment, and the development of the financial sector. -----08C
Economics
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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.
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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.
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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.
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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.
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