Business

25 December 2007 [16:30]

Baku to host third congress of credit unions of Eastern Europe

The third congress of credit unions of Eastern Europe will be held in Baku in Autumn of 2009.
25 December 2007 [15:13]

Azerbaijan to adopt agro-industrial development strategy

Azerbaijan will adopt a strategy of the development of agro-industrial complex in the near future, sources from the Azerbaijani Ministry of Agriculture reported.
25 December 2007 [15:04]

Morocco inviting Azerbaijani companies for implementation of tourism projects

Confederation of Entrepreneurs of Azerbaijan has received a letter from Afro American Services Group Morocco (AAS-Group) company, operating in Morocco.
25 December 2007 [14:54]

Session of Azerbaijan-Japan intergovernmental commission to be held in Tokyo

A regular session of the Azerbaijan-Japan intergovernmental commission will be held in Tokyo in February of 2008, as reported by Japanese Ambassador to Azerbaijan Masamutsi Oki.
25 December 2007 [14:43]

Japanese government allocates over $172,000 to Azerbaijan

Agreements on implementation of two projects in Azerbaijan, estimated at $172,205, were signed in the residence of Japanese Ambassador to Azerbaijan Masamutsi Oki Tuesday.
25 December 2007 [13:39]

Import of Iranian poultry products to Azerbaijan banned

Import of Iranian poultry products has been banned in Azerbaijan due to the detection of avian flu virus in Iran.
24 December 2007 [18:01]

BP-Azerbaijan and Rolls-Royce sign contract on ?120 million

Rolls-Royce and BP-Azerbaijan have signed a contract on ?120 million, sources from Rolls-Royce reported.
24 December 2007 [17:52]

Cost of cell phone calls likely to go down in Azerbaijan next year

"I think cost of calls over cell phones will decline in 2008", Minister of Communication and Informational Technologies of Azerbaijan Ali Abbasov told reporters.
24 December 2007 [16:08]

Baku Metro likely to raise fare in 2009

"We do not intend to appeal to the Tariff Council for raising underground fare in 2008", chief of the Baku Metro Tagi Akhmedov told reporters.
24 December 2007 [14:41]

Construction of first research nuclear reactor in Azerbaijan likely to commence in 2009

The UN International Atomic Energy Agency (IAEA) is ready to support Azerbaijan in the construction of the first research nuclear reactor, as reported by Adil Garibov, head of the Institute for Radiation Problems under the National Academy of Science.
24 December 2007 [14:00]

IBA to open representations in Dubai and Luxembourg

The International Bank of Azerbaijan (IBA) has obtained a license for opening representations in Dubai and Luxembourg.
24 December 2007 [13:33]

Direct flights between Azerbaijan and Jordan to open in April next year

Direct flights between Azerbaijan and Jordan will open on April 1, as reported by Azerbaijani Ambassador Extraordinary and Plenipotentiary to Jordan Elman Arasli.
24 December 2007 [13:28]

Azeri section of TRASECA corridor transports 38.8 million tons of cargo, Jan-Oct

38.8 million tons of goods and 148.9 million passengers were transported by Azeri section of the TRACECA Corridor in January-October.
24 December 2007 [11:25]

Azerbaijani President Ilham Aliyev visiting Ali Bayramli

Azerbaijani President Ilham Aliyev has started his visit to the Ali Bayramli region.
24 December 2007 [11:18]

Japanese Government to allocate over $172,000 to Azerbaijan

Agreements on implementation of two projects in Azerbaijan are to be signed in the residence of Japanese Ambassador to Azerbaijan Masamutsi Oki on December 24, as reported by the press service for the Japanese Embassy.
20 December 2007 [16:12]

Azerbaijan among countries of most expensive telephone communication

According to the International Telecommunications Union, the average cost of a three minute local telephone call over was the highest in Ecuador-$0.60 per minute in 2006.
20 December 2007 [12:42]

British Company illegally tapping gold in Azerbaijan’s occupied lands sells its share to Georgian-Russian Company

Ecological situation is unsatisfactory in Azerbaijan’s lands occupied by Armenia, said Azerbaijan’s Minister of Ecology Huseyn Baghirov.
19 December 2007 [19:11]

Azerbaijan's industrial production reaches 17.4 billion AZN in 2007

Azerbaijan's industrial production and services made up 17.4 billion AZN in January-November of 2007, which is a 24.7% rise as compared to the same period of 2006, according to the State Statistical Committee.
19 December 2007 [18:54]

Korea to finance postal system improvement in Azerbaijan

Korea has allocated a grant of $50,000 to finance a part of a project to be implemented in the framework of the Fund of postal system improvement in Azerbaijan.
19 December 2007 [18:36]

1600 facts of illegal registration of lands recorded in Azerbaijan in 2007

The number of facts, connected with illegal registration of lands, reached 1600 in 2007, according to the chairman of the State Committee for Land and Cartography of Azerbaijan Gariv Mamedov.
19 December 2007 [17:58]

Azerbaijani government to consider draft law "On compulsory accident insurance"

The Ministry of Labor and Social Protection of the Population of Azerbaijan has introduced a draft law "On compulsory accident insurance", relying on the global practice, to the Cabinet of Ministers.
19 December 2007 [17:04]

Azerbaijan to produce 450 million barrels of oil in 2016

The Center of Social and Economic Development held a presentation of a report on effective use of assets of the State Oil Fund of Azerbaijan in Baku Wednesday.
19 December 2007 [14:24]

Gold goes down in price in Azerbaijan

Jewels have always been considered the best present on the East, therefore, the prices of gold were expected to rise in Baku.
19 December 2007 [13:44]

One more road bridge opens in Baku

Azerbaijan’s President Ilham Aliyev has today joined an opening ceremony of a road bridge at the intersection of Ali Mustafayev and Javad Khan Streets in Baku.
19 December 2007 [12:30]

Azerbaijan, Oman explore ways of boosting tourism relations

As part of his visit to Oman, Azerbaijan's Deputy Foreign Minister Khalaf Khalafov met with Undersecretary of the country`s Tourism Ministry Mohammed bin Hamoud Al Tobi to discuss tourism relations between the two countries.
19 December 2007 [11:24]

Oman and Azerbaijan look to bolster bilateral cooperation

Oman and Azerbaijan held a round of political consultations on Monday with the Sultanate's side led by Sayyid Badr bin Hamad Al Busaidi, Secretary-General of the Foreign Ministry, and the Azerbaijani delegation by Deputy Foreign Minister Khalaf Ali Khalafov.
18 December 2007 [17:50]

Life in Azerbaijan turns out cheaper than in Armenia and Georgia

The World Bank has compared consumer prices in 146 countries of the world.
18 December 2007 [16:32]

Azerbaijan explores proposals on construction of a toll road from Baku to Georgian border

The government of Azerbaijan is examining proposals to construct a toll road from Baku to Georgia border (Trans-Azerbaijan National Express Way).
18 December 2007 [13:30]

More Turkish and British citizens legalize their jobs in Azerbaijan

1,692 foreigners have legalized their jobs in Azerbaijan, Rauf Tagiyev, Migration Officer of Azerbaijan’s Ministry of Labor and Social Protection said.
17 December 2007 [18:08]

Azerbaijan's monetary reserves exceeding $ 3.4 billion

The monetary reserves of the National Bank of Azerbaijan have risen $ 82.4 million or by 2.44% through a period from December 6 until December 13.
17 December 2007 [13:28]

Prices of gasoline and utilities not to rise in Azerbaijan next year

The next year will not bring rise in prices of utilities, as reported by a high-ranking official from the Azerbaijani government.
17 December 2007 [13:20]

Ilham Aliyev receives BP Vice President

Azerbaijani President Ilham Aliyev received the vice president of BP Andrew Inglis.
17 December 2007 [11:41]

Egyptian delegation to visit Azerbaijan

The visit of a delegation from Egypt to Azerbaijan is scheduled from December 25 until December 30.
17 December 2007 [10:43]

Azerbaijan interested in Nabucco pipeline

Azerbaijan is interested in Nabucco pipeline as it will open up additional opportunities for delivering gas from the Shahdeniz field to the European markets, the country`s Ministry of Industry and Energy said.
15 December 2007 [14:40]

Azerbaijan presents five infrastructural projects at international forum in New York

The first forum on leadership in global infrastructure, recently held in New York (United States), aroused great interest among foreign investors.
15 December 2007 [14:05]

US Embassy to Azerbaijan said to be the most persistent tax defaulter

Several embassies, accredited in our country, evade taxes of their officials, who are the citizens of Azerbaijan, thus violating the country's legislation.
15 December 2007 [12:58]

Registration and re-registration of old cars to be banned in Nakhchivan

New rules on transport means have been applied in the Nakhchivan Autonomous Republic (NAR).
15 December 2007 [12:45]

Shadow economy making up 15-16% in Azerbaijan

The shadow economy nears 15-16% in Azerbaijan, as reported by the chairman of the State Statistical Committee of Azerbaijan Arif Veliyev.
15 December 2007 [12:22]

Azerbaijan-Italy business forum to be held in Baku

An Italian delegation, led by the Italian Minister of External Trade Emma Bonino, is to arrive in Baku in late January-early February, 2008.
15 December 2007 [12:12]

Asian Development Bank extends a $20 million loan to International Bank of Azerbaijan

The Asian Development Bank (ADB) and International Bank of Azerbaijan (IBA) have signed a $20 million subordinate loan agreement on December 14.
15 December 2007 [10:56]

Azerbaijan imports 55,758 passenger cars in 2007

Azerbaijan has imported 55,758 passenger cars through 11 months of 2007.
15 December 2007 [10:16]

Unemployment rate makes up 6.2% in Azerbaijan

At present Azerbaijan does not have great problems with unemployment, as reported by the Azerbaijani Minister of Labor and Social Protection Fizuli Alekperov.
14 December 2007 [17:58]

Investments into Azerbaijan's construction sector reach 5,7 billion AZN in 2007

Investments into the construction sector of Azerbaijan have made up 5,700,000,000 AZN through 11 months of 2007, which is a 17% rise as compared to 2006.
14 December 2007 [17:06]

Arif Veliyev: "Azerbaijan has raised production of TV sets, passenger cars and lorries"

Statistics shows rise in manufacture of production, which has previously been imported to Azerbaijan, as reported by the chairman of the state statistical committee of Azerbaijan Arif Veliyev.
14 December 2007 [16:50]

Rise in oil and gas production observed in Azerbaijan

Since the beginning of the year, Azerbaijan has produced 38,100,000 tons of oil, which is over 30% rise as compared to 2006.
14 December 2007 [14:34]

Azerbaijan Emerges as New Spot for South Korean Builders

South Korean builders are poised to ride on the latest oil boom to seek opportunities in Azerbaijan.
14 December 2007 [14:03]

Trade turnover between Azerbaijan and Korea makes up $100,000,000 this year

The trade turnover between Azerbaijan and Korea has reached $100,000,000 this year.
14 December 2007 [12:32]

Kazahstan to increase its oil export after Azerbaijan’s oil reserves go down

Kazakhstan doesn’t rush to pump its oil through the Baku-Tbilisi-Ceyhan Pipeline, Kazakh President Nursultan Nazarbayev told a joint conference with his Turkish counterpart Abdullah Gul.
14 December 2007 [11:03]

Azerbaijan's transport projects to be presented in New York

A delegation from the Transport Ministry of Azerbaijan will take part in the first annual leading global infrastructural forum in New York.
13 December 2007 [17:25]

Representation of Citibank may open in Baku

The Citibank (United States) may be licensed for opening its representation in Azerbaijan by the end of the year.
13 December 2007 [15:14]

Economic Research Center: "Prices will rise in Azerbaijan in late December"

The Economic Research Center forecasts the rise in prices in Azerbaijan in late December.
13 December 2007 [14:35]

Azerbaijani government recommended to use Cost of Living Index to calculate inflation

According to experts of the Economic Research Center, the State Statistical Committee of Azerbaijan deliberately uses imperfect methods of statistical research to declare information on country's economic growth which would please the government.
13 December 2007 [11:44]

Netherlands Development Finance Company acquires 10% stocks in AzerDemiryolBank

The Netherlands Development Finance Company (FMO) has acquired 10% stocks in AzerDemiryolBank.
13 December 2007 [11:26]

Import of Russian poultry products to Azerbaijan banned temporarily

Import of poultry products from Russia to Azerbaijan is banned temporarily, as reported by the deputy chief of the State Veterinary Service, Emin Shahbazov.
13 December 2007 [10:18]

Italian businessmen to discuss cooperation with Azerbaijani partners in Baku in January

A delegation comprising the representatives of Italian companies is to arrive in Baku in mid January of 2008 to discuss prospects of cooperation with Azerbaijani partners.
12 December 2007 [18:02]

Inflation rate to make up 17-18% in Azerbaijan in 2007

The average annual inflation rate in Azerbaijan is forecasted to be 17-18% in 2007.
12 December 2007 [15:43]

Agreement on social protection of Belarus and Azerbaijani citizens ratified in Belarus

Belarus parliamentarians have ratified an intergovernmental agreement on working activity and social protection of citizens of Belarus and Azerbaijan, temporary working on the territories of both countries.
12 December 2007 [14:53]

1692 foreign citizens engaged in Azerbaijan's economic sector

1692 foreign citizens, engaged in the economic sector, have been officially registered in Azerbaijan this year, as reported by the press service of the Ministry of Labor and Social Protection.
12 December 2007 [14:38]

Azerbaijan and Kuwait Financial House to establish joint investment fund

The execution of the agreement on cooperation between Azerbaijan Investment Company and the Kuwait Financial House (KFH) will take more time, than it has previously been supposed, as reported by the chief executive of the Azerbaijan Investment Company Anar Akhundov.
12 December 2007 [13:38]

World Bank to allocate $100,000,000 for reclamation of Absheron oil polluted lands

World Bank will assign $100,000,000 for the implementation of the first stage of the project of reclamation of oil polluted lands in Absheron, as reported by the WB vice president on Europe and Central Asia Shigeo Katsu.
12 December 2007 [13:22]

Turnover between GUAM states makes up $3,000,000,000 this year

The turnover between the GUAM member-states have totaled $3,000,000,000 through 11 months of 2007, which is a $ 1,000,000,000 rise as compared to the previous year.
12 December 2007 [11:35]

Azerbaijan to be withdrawn from WB list of poor countries

Azerbaijan will not receive lax credits of the World Bank beginning from mid 2008.
11 December 2007 [18:38]

Foreign donors to further support corporate governance project in Azerbaijan

SECO (State Secretariat for Economic Affairs of Switzerland) will assign $ 3,000,000 for implementation of the 2nd phase of the corporate governance project in Azerbaijan (ACGP), as reported by the deputy chief of the SECO regional office on South Caucasus Thomas Mayer during an arrangement devoted to the completion of the first phase of the project.
11 December 2007 [17:31]

First nuclear reactor to be built in Azerbaijan

A new expert group of the International Atomic Energy Agency is to visit Azerbaijan on December 13, Adil Garibov, head of the Radiation Problems Institute under the Azerbaijan National Academy of Science reported.
11 December 2007 [11:19]

Licenses to be issued to 170 hotels by end of year

The Ministry of Culture and Tourism of Azerbaijan is planning to issue nearly 170 licenses to hotels by the end of the year, Minister Abulfas Garayev told reporters on Monday.
11 December 2007 [10:32]

WB ready to invest in Azerbaijan's occupied lands following their release

The World Bank (WB) expressed readiness to invest into the occupied lands of Azerbaijan after they are released.
10 December 2007 [17:58]

Shigeo Katsu: "World Bank to support reforms in pension/insurance system of Azerbaijan."

The WB Vice President for Europe and Central Asia Mr. Shigeo Katsu has familiarized with the establishment of individual accounting system within the framework of the Pension and Social Assistance Project for Azerbaijan aiming to assist the Government to better administer social protection programs, make the pension system more sustainable and build capacity to better target social assistance benefits to the most vulnerable groups.
10 December 2007 [17:38]

Softened terms of mortgage lending likely to push up prices on Azerbaijani real estate market

Prices rose by 25% on the real estate market of Azerbaijan in January-November, Nusrat Ibrahimov, the Chief Executive of Property Market Participants Public Union, said.
10 December 2007 [17:18]

Head of National Bank of Azerbaijan: "Azerbaijan balance of payments surplus to exceed $7,000,000,000"

The balance of payments surplus is expected to exceed $7,000,000,000 in Azerbaijan this year", Elman Rustamov, chairman of the Directors' Board of the National Bank of Azerbaijan, announced.