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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Turkey is in talks with the United States seeking an exemption from sanctions imposed on Russia’s Gazprombank, a key financial institution for energy transactions, to maintain gas payments to Russia, Energy Minister Alparslan Bayraktar said on Tuesday.
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Kazakhstan is charting an ambitious course to transform its oil export infrastructure, aiming to increase annual shipments via the Baku-Tbilisi-Ceyhan (BTC) pipeline by more than thirteenfold—from the current 1.5 million tons to an estimated 20 million tons. The bold strategy, presented by Energy Minister Almasadam Satkaliyev during a parliamentary session, underscores Kazakhstan’s intent to become a major player in the energy supply chain stretching from Central Asia to Europe.
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Two new vice presidents have been appointed at BP's Azerbaijan, Georgia, and Turkey (AGT) region division, according to a press release from BP-Azerbaijan.
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Data on Azerbaijan's oil exports for January-October 2024 reveals a significant drop in both volume and value compared to the same period last year, highlighting the challenges facing the oil-dependent economy. The country exported 495,484.05 tons of oil products worth $309.02 million, a decrease of 40.3% in value and 40.7% in volume compared to 2023, when exports totaled 925,225.07 tons worth $572.21 million.
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