"Privatization in Azerbaijani Way" Continues
In the first half of this year, the number of privatized enterprises in Azerbaijan decreased. It is an indicator of downtrend.
According to the State Committee for Property Affairs (SCPA), for the six months there were privatized 355 entities of small privatization (enterprises, vehicles, unfinished buildings, non-residential premises, etc.), 222 land areas under facilities, as well as shares of 14 joint-stock companies.
During the same period in 2014 it was recorded 370 entities privatized in small-scale privatization, 270 of land under privatized and private enterprises and 17 joint-stock companies’ shares.
Observers point out that privatization in Azerbaijan has the national character of corruption: almost all objects are sold to a pre-specified person, and therefore, there is no competition in the trades. The object is sold at the starting price, which is many times lower than the established market prices for real estate in the country.
Control over the process of privatization is virtually nonexistent. Established by the presidential decree, the State Commission for Control over state property privatization led by Prime Minister Artur Rasizade has not met since its formation on 28 February, 2007.
From 1996 to 2013 in Azerbaijan there were privatized about 40 thousand small enterprises and objects, as well as motor vehicles. SCPA does not disclose the revised data for 2014.
Privatization in the Nakhchivan Autonomous Republic is carried out by the government of the exclave. ----08D
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review