On Wednesday hte Parliament began consideration of Azerbaijan's state budget for next year.
According to Deputy Economy Minister Sevinj Hasanova, the government is considering a further increase in customs duties. "The decision was taken in order to protect domestic production and market," she said.
Under the law, the Cabinet of Ministers makes a verdict on the basis of monitoring and the final decision is taken by the head of state.
Recall from November 1, tariffs increased for 2 years on imports of certain agricultural products, building materials and non-alcoholic beverages, which affected the purchasing power of consumers. As a result, prices rose also for goods produced in Azerbaijan. --17D-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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