Azerbaijan adopted the State Program of development of the shipping company in 2016-2020. The document provides updated trade and auxiliary Oil Fleet of the Azerbaijan Caspian Shipping Company for the purpose of organization of cargo transportation in the Caspian Sea and other seas in accordance with international standards.
According to the program, as a result of its implementation, the public shipping company is formed as an influential commercial entity financed independently of the state, which will provide an increase in transit freight traffic through the territory of Azerbaijan.
The source of financing of CJSC Azerbaijan Caspian Shipping Company in addition to its own funds will be loans received directly or under state guarantees, released securities and the sale of non-core assets. Strategic projects of national importance will be financed from the state budget.
In the next 2-4 years the Zykh and Bibiheybat shipyards will be also upgraded. ----08D
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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