Today, the Ministry of Taxes announced closure of branches of three foreign companies.
The company Wenaas Caspian is the main unit of the largest supplier of work clothes in Europe - KWINTET AS. It has worked in Azerbaijan since 1999.
The service company Black Gold International Oil FZCO (United Arab Emirates) has operated in Azerbaijan since 2007 and is indirectly related to the group of companies Azersun Holding. Its head Koksel Kirtanir represents a number of companies in this group (Middle East Petroleum FZE, Access Trans, Qafqaz Trans Service).
The closure of a branch was also stated by Hong Kong company Velosi (HK) Limited. This company has been working in Azerbaijan since 2004. -----08D
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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