Cinema to be offered for entrepreneurs at privatization auction

By Azernews

By Rashid Shirinov

Azerbaijan’s State Committee on Property Issues will hold another auction for privatization of 146 state objects on April 4, the agency announced on March 6.

The auction will feature 21 joint stock companies, 78 small businesses, 16 non-residential areas and 14 vehicles.

Dental polyclinics in Sumgayit and Baku, “Azerbaijan” cinema in Astara, celebration halls in Baku, as well as non-residential areas in Baku, Sumgayit, Mingachevir, Agstafa, and Kurdamir will also be put for privatization.

The activities of the state objects cover several areas of industry, transport, construction, agriculture and others.

The third stage of privatization in Azerbaijan started in the framework of the presidential decree dated May 19, 2016. Under the decree, the acceleration of the state property privatization process has been defined as an important direction of the economic policy.

So far, more than 700 state enterprises and objects have been put for sale. Over 300 new state-owned enterprises and facilities were declared open for privatization in Azerbaijan in 2016.

The portal for privatization – privatization.az, launched in July 2016, reflects all necessary information about the facilities, their addresses, location, and even initial cost and aims at facilitation of the process. The website is available in two languages - Azerbaijani and English. “Why Azerbaijan is special” section available on the website explains the reasons and advantages of investing in the country.

The privatization process is designed to attract both foreign and local investors, as well as improve the business environment of Azerbaijan.