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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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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