Ozon Starts Operations in Azerbaijan

In the first half of 2024, Azerbaijan’s cocoon production plummeted by 32.8% compared to the same period last year, according to data from the State Statistical Committee (SSC). This sharp decline highlights a significant divergence from the goals set in the 2017 "State Program for the Development of Cocoon Farming and Sericulture in the Republic of Azerbaijan for 2018-2025." The ambitious program aimed to boost wet cocoon production to 6,000 tons by 2025. However, progress has been sluggish.

In a move to enhance state support for agriculture and leasing activities within the agrarian sector, President Ilham Aliyev has issued a new decree amending the procedure for the use of funds managed by the Agrarian Credit and Development Agency under the Ministry of Agriculture.

In the first half of 2024, the consumer market in Baku demonstrated robust performance, with the total volume of products and services sold reaching 20.166 billion Manats. This figure represents a 5.2% increase compared to the same period in 2023, when adjusted for comparable prices.

Russian President Vladimir Putin is expected to visit Azerbaijan on August 19, according to recent Russian media reports. The anticipated visit follows the 22nd meeting of the Intergovernmental Commission (IGC) on Economic Cooperation between Azerbaijan and Russia, held in Baku on August 9, which was not covered by the media.