Presentation of the book "Guide of the Milli Majlis of the Azerbaijan Republic", published by the American Chamber of Commerce took place on Friday at the Hyatt Regency Hotel.
AmCham is a nonprofit organization supporting the business climate in Azerbaijan. The Association was established in 1996, and has 240 members. Business structures entering the Association implemented about 80 percent of foreign investments in Azerbaijan.
The U.S. Ambassador to Azerbaijan, Richard Morningstar, spoke at the ceremony. America is ready to assist the development of the economic climate in Azerbaijan.
"We are interested in the growth of American companies in Azerbaijan," said Morningstar. According to him, Azerbaijan's economy has achieved significant results, but needs further development. America is also ready to assist in the diversification of the economy of Azerbaijan and development of the non-oil sector of the country. America is also interested in the growth of their companies in the energy sector. To date, only one U.S. company is present in the energy sector of Azerbaijan.
Morningstar also expressed a hope for Azerbaijan’s soon joining the WTO.
"I do not know how serious the intent of Azerbaijan is concerning joining the WTO, but we take it seriously. Joining the WTO and the adaptation to the requirements of the WTO will benefit the economy of Azerbaijan," said Morningstar.-03B06-
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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