Russian businessmen are interested in deliveries of cables, plastic pipes, high-voltage electrical equipment, production of solar collectors, electrical appliances, metal, plastic products and other non-food products from Azerbaijan.
The Russian delegation headed by the Minister of Economic Development Alexei Ulyukaev visited Sumgait Technology Park (STP), in force since 2009, for the first time. Azerbaijan was previously considered by businessmen of the northern neighbor as a platform for migration and agricultural imports.
According to the report of the Ministry of Economy and Industry of the Republic of Azerbaijan, the park operates 17 factories, which employ more than 4500 people. In the future, the number of plants in the STP will be increased to 30 and the number of employees will exceed 10 000. -17D-
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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