The level of self-sufficiency in packing materials from plastic mass in Azerbaijan is 63%, paper and cardboard packaging - 57%, and glass bottle packaging, etc. - 33%. This was announced on February 14 at the Baku Business Center during an event on the theme “The role of packaging industry in the development of processing industry.”
At the event, in addition to representatives of industrial enterprises, associations of business organizations took part: the Association of Producers and Exporters of Wines, the Association of Manufacturers of Building Materials and the Association of Beekeepers.
The country has about 20 companies producing packaging materials. To increase production and create new capacities entrepreneurs may take advantage of the investment incentives, which in addition to exemption from import duty and VAT on the import of equipment, are valid from 2016, and other benefits: exemption from taxes on property and land, and 50% of the income tax.
Last year, this opportunity was used by several companies. --08D
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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