Reports and Issues at Day of Entrepreneurs Conference
Baku hosts a conference devoted to the establishment of Entrepreneurs Day.
According to the head of the State Customs Committee (SCC) of Azerbaijan Aydin Aliyev, this department and the Ministry of Taxes prepared a joint package of proposals to support and encourage investment directed to the government. The essence of the document is the revision of customs duties and taxes, support of the development of domestic production and protection of the local investors market. Already started the process of electronic declaration, "green corridors” are created and deposits at customs are opened, he said.
At the same time, in his speech, the President of Azersun Holding Abdulbori Gezal told about the problems of access to external markets, although, according to him, they can cover the domestic demand at the expense of their own production.
He considers necessary the reduction in the government’s involvement in commercial activities, reducing it to creating more favorable conditions for private enterprise, including the formation of partnerships with businessmen. --17D-
Economics
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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.
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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.
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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.
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"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.
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