In the first half of this year, production of iron fittings in Azerbaijan decreased by 23.7%. According to the State Statistics Committee, over six months were produced 100.7 thousand tons of reinforcement. According to unofficial data, the only manufacturer of these products in the country is LLC "Baku Steel Company", which tells about production capacity to 1 million tons per year. During commissioning in 2001 a Furnace and production lines allowed to produce 350 thousand tons of finished products per year. The company does not have problems with sales and therefore, it is difficult to explain the declining trend in the volume of production, against monopolization of the market of construction fittings.
Over half of the volume of production in metallurgical industry in Azerbaijan amounted to 143.2 million manat, which is by 14.8% less than in the same period of 2013.
According to the State Customs Committee, over the first five months of this year, Azerbaijan imported 77,080.6 tons of iron rods and fittings at total declared value of $ 44,123,700. --08B--
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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