The State Fund for Development of Information Technologies of Azerbaijan intends to initiate amendments to the legislation in order to free resources of the insurance market and the social security fund can be a source of venture capital start-up projects.
As told reporters a member of the Supervisory Board of the Internet Forum President Osman Gunduz, it is part of the proven foreign experience. Venture capital funds around the world play an important role in the development of the Internet business and start-up movement, as only the state is not enough to support the thriving ICT sector and private entrepreneurs are reluctant to invest because of the virtual absence of risks security in Azerbaijan. --17D-
Economics
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The State Oil Company of Azerbaijan (SOCAR) and Yokogawa Europe BV have organized an "Executive Workshop" as part of a broader cooperation framework established under a Memorandum of Understanding (MoU) signed between the two companies, SOCAR said in a statement.
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Azerbaijan’s Parliament has ratified a landmark agreement on the development and transmission of green energy with Kazakhstan and Uzbekistan. The agreement, signed by the leaders of the three countries during COP29 in Baku last November, aims to promote renewable energy sources, enhance energy security, and support sustainable development.
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Azerbaijan’s non-oil and gas exports increased by 0.3% in 2024, reaching $3.4 billion compared to the previous year, driven largely by higher sales of agricultural and food products, according to the latest Export Review by the Center for Analysis of Economic Reforms and Communication.
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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