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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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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