Terms of Issue of Investment Promotion Certificate to Be Set up by President, not Cabinet

On July 5 came into force an order (http://www.huquqiaktlar.gov.az/StatementDetails.aspx?statementId=35277) of the Minister of Economy Shahin Mustafayev, which was approved by the relevant decision of the Board on 28 June.

According to the document, there are changes in the form of a certificate of investment promotion, valid from March 1. Now, investment projects will be with the full name, and the rules of issue of the certificate will be set up not by the government, but directly by the Head of State, so that the local conditions should make the projects more attractive to potential investors.

The Legal Department of the Ministry is given 3 days to send the changes to the Ministry of Justice in order to bring the previously approved form of the certificate in accordance with the above changes.

According to Turan experts, the Ministry of Economy step is further evidence that large foreign and domestic investors are not going to invest in revitalizing the economy, until it changes total state control by the principles of supply and demand interdependence. --17D-