Azerbaijani President Ilham Aliyev ordered the creation of JSC Shahdag Tourist Center at the winter-summer tourism complex in the Gusar region, which has been built at the expense of the state budget since 2009. The company's shares are reserved by the state represented by the Ministry of Culture and Tourism.
The JSC takes into service tourism and other infrastructural facilities on the territory of the tourist complex, manages these objects, and delivers them for use (rent) to individuals and legal entities on the basis of the contract. Experts believe such an approach to tourism business is unacceptable.
The economist Natig Jafarli believes that the state, in some cases, may take part in the financing of such projects. "However, in a later stage, the state should withdraw from their implementation, since the development, maintenance and operation of such investment projects have become burden for the state," the expert said.
The construction of the Shahdag winter and summer tourist complex has been allocated no less than 1 billion manats. The complex occupies 2 thousand hectares of land. Three hotels with 500 beds, 7 cable cars 7,000 meters long and 11 ski trails with a total length of 13,000 meters were built there.
According to the master plan, on completion of the construction, the complex will be able to take 10,000 people daily. It will employ 5 thousand people. -----08D
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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