Subsidies from State Budget Could Be Received by People Involved in Production of Cocoons
President Ilham Aliyev signed a decree on supporting the development of sericulture, according to which silkworm breeders will be also able to get subsidies from the state budget.
Subsidies will be provided for each kilogram of raw cocoons received by enterprises for the processing of cocoons and silk production.
To this end, the Cabinet of Ministers is charged in two months to approve the amount and the procedure for granting subsidies, depending on the grade of the cocoon.
It is noted that the order comes from the fact that silk is one of the traditional industries of agriculture in Azerbaijan. The provision of subsidies increases the competitiveness of sericulture and employment.
Targeted subsidies in agriculture are received by producers of wheat, rice, tobacco and cotton in the amount of 40 manats per hectare of cultivated land. -----08D
Economics
-
The Baku International Sea Trade Port, a critical link in the Middle Corridor connecting East and West, handled 7.6 million tons of cargo in 2024, marking a 3.2% increase from the previous year. This growth underscores the port's expanding role in global trade and its significance as a transit hub for countries such as China, Turkey, Georgia, Iran, and Russia.
-
Azerbaijan’s state oil company SOCAR has acquired a 3% stake in the offshore SARB and Umm Lulu concession in the United Arab Emirates (UAE) from Abu Dhabi National Oil Company (ADNOC) for $285 million, marking a significant step in deepening energy ties between the two nations. The transaction, completed in May 2024, was completed in January 2025.
-
The Baku Small and Medium Business (SME) House and the Miniboss Business School have signed a memorandum of understanding aimed at developing entrepreneurial skills among children, the Small and Medium Business Development Agency (KOBIA) reported on Monday.
-
In 2025, Azerbaijan's information security and digital infrastructure remain under pressure, as experts highlight the absence of a National Internet Exchange Point (IXP). Osman Gunduz, head of the NGO Multimediya, has renewed calls for the Information and Communication Technologies Agency (İKTA) to spearhead the creation of a Milli İnternet Mübadilə Mərkəzi (National Internet Exchange Centre) in collaboration with key local providers Azertelecom, Delta Telecom, AzTelekom, and global industry leaders.
Leave a review