The Ministry of Economy and Industry drafted regulatory law acts, according to which preferences for local suppliers of goods and services during the public procurement doubled. Thus, local companies will enjoy more favorable conditions in the tender purchasing than their foreign competitors.
Changes are expected in the Law "On Public Procurement," the government’s decree of 28 October 2002 "On approval of rules and scope of application of concessions, a method of counting the effect of the purchase price changes in the prices of goods (works and services) and determining the amount of divisible parts." If Parliament agrees to accept the changes to the law, local companies, depending on the amount of use of local raw materials and labor, will receive price concessions in the amount of 10 to 25% of the proposed import of goods and services.
The government believes that a two-fold increase in preferences will increase the amount of locally produced goods and services. At the same time, reports on the previously existing concessions to local suppliers of goods and services have not been published for 11 years. --08B
Economics
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The INMerge Innovation Summit, organized by PASHA Holding, continued in Baku on Friday. The summit brought together leading industry leaders, startups, and investors in the fields of fintech, e-commerce, artificial intelligence, and digital business.
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The Cabinet of Ministers of the Republic of Azerbaijan has approved a new regulation titled “Procedure for the Transfer of Regulatory Functions and Duties for Flight Safety Supervision,” aligning with the country’s obligations under international civil aviation agreements.
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In September 2024, Azerbaijan experienced a noticeable increase in the Consumer Price Index (CPI), reflecting broader economic trends and the impact of various factors on the market. The CPI, a critical indicator of inflation, rose by 3.5% compared to the same month in 2023. This growth was driven by several components, including food and non-food products, as well as paid services provided to the population.
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The shareholders of JSC "Saba" (Səba) have scheduled an extraordinary general meeting for October 28 at 15:00, where the main agenda item will be the liquidation of the joint-stock company and the formation of a liquidation commission, according to company announcements.
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