State control of banking and industry should be tightened, the chairman of the parliamentary committee on economic policy Ziyad Samadzadeh said during the parliamentary session.
According to him, the total external debt of the country is at 9% of gross domestic product, and for the country its gradual return with interest is no problem. The problem is of extension and return of domestic credit. Customers do not return debts to commercial banks, and they do not repay the government. Debts of banks reached AZN 300 million and are growing. The reason is the high interest rates.
Entrepreneurs do not engage in less profitable light industry, resulting in 15 manat of local products per capita. The government does not consider this area as priority, resulting in a three-year plan to production within 16 manats per capita. It should be noted that, even today, if the tax burden on producers becomes easier, the production can be increased to AZN 200 per person.
Engineering is also called a priority. Its development will enhance the engineering of building and will create a real basis for the professional staff. To stimulate areas proposed for future projects in engineering, the budget represents a separate item. - 17D-
Economics
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Azerbaijan’s Minister of Economy, Mikayil Jabbarov, participated in the "Circle of Leaders: Financing the Energy Transition - New Horizons" session during the World Economic Forum (WEF) in Davos, emphasizing the country’s strategic role in global energy security and its green energy transition initiatives.
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Around 200 employees of SOCAR, Azerbaijan's state oil company, staged a strike in Batumi, Georgia, on January 21,demanding wage increases, local outlet Batumelebi reported. Participants included technicians and staff from various departments who argued that their long-standing minimal salaries fail to reflect their workload.
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On January 21, during a meeting in Davos, Azerbaijani President Ilham Aliyev met with Henrik Poulsen, Chairman of the Supervisory Board of Carlsberg Group, and Jacob Aarup-Andersen, the company's CEO. The discussions emphasized Carlsberg Group's expanding presence in Azerbaijan and its commitment to developing local production and sustainability.
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In 2024, Azerbaijan's "Single Window" Export Support Center processed 1,747 requests from businesses and individuals, facilitating the issuance of 3,982 export certificates. According to Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms and Communications, these efforts supported export operations valued at USD 288.2 million.
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