The strategic roadmap for the development of heavy industry and mechanical engineering has been published. The preamble of the document states that the main goal of the roadmap is to achieve economic diversification, increasing the added value of heavy industry and mechanical engineering.
To achieve these intentions in the period 2016-2020 three goals have been defined in the field of heavy industry and in mechanical engineering - optimization of existing assets, the creation of a competitive sector, providing financial support and international cooperation.
Measures are planned to increase productivity to optimize existing assets, to ensure optimal efficiency in power consumption, and to create a centralized registry of assets and existing capacity.
To create a competitive sector it is planned to ensure the participation in the value chain in terms of regional consumption, support for import substitution activities, the development of mining and metallurgical complex.
As a result of the achievements of the objectives until 2020 it is planned to achieve real GDP growth of AZN 1 billion 560 million, and create 7,700 new jobs. Achieving these goals requires 2.9 billion manat of investment.
The priority in the heavy industry and engineering sector are mining (except oil and gas), metallurgy, production of some construction materials, machine-building industry in the oil sector and in agriculture, production of electrical equipment, and the development of services in the machine-building sector.
Until 2020, the primary goals are to increase by 20% labor productivity in the field of heavy industry, reduce bad production to 17%, recover at least five non-performing enterprises until 2020, achieve a production reorientation of 10 companies with a low level of competitiveness of the construction of a new factory production of steel and mining of iron ore, replace 20% of imported products for heavy industry in the event of identity of the quality of local products, reduce by 65% imports of spare parts for the production of agricultural equipment, and reduce by 45% imports of parts for mining equipment. -71D-
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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