The entrepreneurs, the validity of the license of which expires before the end of the year, are recommended to avoid additional costs and to wait until the updated abbreviated list of licenses is prepared.
This announcement was made during the conference on "A new stage in the development of entrepreneurship: the purpose and capabilities" in Baku by the Deputy Minister of Economy and Industry of Azerbaijan Sahib Mammadov.
According to him, as of October 1 there were registered 662,000 business entities, including individuals, in Azerbaijan. Recall the presidential decree of 19 October provides for minimizing the number of licenses, ensuring transparency and simplification of rules of issuance and related services. On behalf of the Ministry of Economy and Industry all this will be carried out through the Service Center ASAN. --17D-
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- Markets Review
- 27 October 2015 15:39
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- Economics
- 27 October 2015 15:55
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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