The visit the Minister of Economy of Azerbaijan to Georgia
The President of Georgia Giorgi Margvelashvili and Prime Minister Giorgi Kvirikashvili met with the Minister of Economy of Azerbaijan Shahin Mustafayev, who is on a visit to Georgia, reports Novosti-Georgia. At a meeting with Georgian President Mustafayev discussed the issues of bilateral cooperation in the spheres of economy, energy and trade. "We decided to maximally deepen our cooperation in terms of the development of tourism in the coming year to invest maximum energy in this direction. In the near future the Georgian and Azerbaijani businessmen will begin joint business projects, so that the two economies have been more progressive," said after the meeting of Georgian President Advisor Maya Mikeladze.
At a meeting with Georgian Prime Minister Mustafayev discussed the development of trade relations. The parties agreed to establish a working group which will identify potential products for export to the markets of the two countries. The parties also discussed the upcoming forum in the trilateral format (Georgia-Azerbaijan-Turkey), which will be held on November 16 in Istanbul with the participation of Ministers of Economy and businessmen of the three countries.
Georgia and Azerbaijan established diplomatic relations on November 18, 1992. The countries are actively cooperating in the areas of trade, transport and energy. According to "Geostat" the National Statistics Office of Georgia, Azerbaijan in the first half of the year invested in Georgia 283 million dollars, what is 34% of total foreign direct investment. Thus, Azerbaijan remains the largest investor in Georgia. -02D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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