Czech entrepreneurs have invested in Azerbaijan's economy more than $ 1 billion, the Minister of Economy and Industry Shahin Mustafayev said at the bilateral business forum in Baku today.
According to him, Czech banks are involved in financing 6 major local projects worth nearly $ 2 billion, provided that companies from that country are contractors.
Main goods supplied from Azerbaijan to the Czech Republic are crude oil and partially refined petroleum products. Even though the trade turnover between the two countries increased by 2 times in 2014, it is necessary to work on the structure of the trade turnover, believes the minister, adding that the cooperation between the two countries has a robust regulatory framework, with 23 agreements signed in the economic sphere. --17D-
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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