The desired types of business in the Goranboy region have been specified. As stated in the declaration of the National Fund for Entrepreneurship Support (NFES), the Fund will consider advantageous projects to create farms of intensive fishing, beekeeping and livestock breeding for dairy cattle, enterprises for the production of cladding and roofing on the basis of plaster, and a three-star hotel.
Holders of such documented projects will have priority in consultation with the authorized credit organizations. With a little luck, banks can give them loans of up to the full cost of the projects.
NFES at the Ministry of Economy and Industry was established in 1992. Sixty banks and micro-finance organizations work as its agents. Last year, 295 million AZN was allocated for the needs of entrepreneurs. Allocation of 220 million manats 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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