In 2014, the number of active industrial enterprises in Azerbaijan increased by only 7. In general over the past five years, 116 industrial enterprises have been suspended and at the beginning of 2015 there were 2,534 enterprises, the State Statistics Committee (SSC) told Turan.
The country has a growing number of industrial enterprises with 100% foreign capital: by the beginning of 2015, there were 177 industrial enterprises belonging to foreign investors. Last year, 26 companies with 100% foreign capital were launched. In 2009, there were only 133 foreign enterprises in Azerbaijan.
In 2014, industrial enterprises gained 21.6 billion manats in net profit, which was 8.3% less than in the previous year. Over the year the average number of hired employees in industry did not change and remained at the level of 197.2 thousand people.
The cost of fixed assets of industrial enterprises in Azerbaijan was 61.8 billion manats by January 1, 2015, which was 15.4% more than in 2013. In 2010-2014, the development of industry was invested 30.8 billion manats, according to SSC. –0--
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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