The desired directions of business in the Bilasuvar region have been specified. As stated in the declaration of the National Fund for Entrepreneurship Support (NFES), projects to create large grain farms, modern cattle farms, intensive horticultural farms and greenhouses, as well as the construction of a three-star hotel will be considered advantageous.
Holders of such documented projects will have priority in consultation with the authorized lending agencies. With a little luck, banks can give them a loan of up to the full cost of the projects.
NESF at the Ministry of Economy and Industry was established in 1992. Its agents are 59 banks and micro-finance organizations. Last year, AZN 295 million was allocated to entrepreneurs. The allocation of AZN 220 million is planned this year. --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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