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Economical news
Bulletine Economics 

2017 October 13 ( Friday )  16:52:05
Print version
Русский Azərbaycan


Accounting Chamber Decides on State Investment Program

Baku / 13.10.17 / Turan: At a meeting of the Board of the Accounting Chamber held on October 12, a decision was taken to analyze the State Investment Program. At the same time, the AC does not specify which parameters of this program, for which several billion manat is allocated annually from the state budget, were subject to audit.

The press release of the AC noted that for each of the control measures passed for consideration, decisions were taken and sent for execution to the "relevant state bodies". Decisions of the Chamber were also made on the issue of compliance with customs legislation in the Sumgait Customs Administration of the State Customs Committee and the use of public funds in the Ismayilli District.

The Accounting Chamber, as a rule, provides insignificant information about decisions taken at its Board. More detailed information is placed in its semi-annual and annual reports.

In 2016, the state budget spent on the implementation of the State Investment Program amounted to 3 billion manat. And in 2017 2.5 billion manat was allocated for these purposes. According to the AC, only a small part of these funds is used in accordance with the legislation on public procurement. Most of the projects are awarded to companies under direct contracts. ----08D--

Second Shopping Festival to Be Held in Baku

Baku / 13.10.17 / Turan: The second shopping festival is planned to be held in Baku from October 15 to November 15.

The festival is expected to involve more than 400 retail properties.

This was reported by the Minister of Culture and Tourism Abulfas Garayev.

According to the Minister, this time several supermarkets and pharmacies of Baku will take part in the festival.

"At the first festival 72 companies were returned VAT. This time the number of such companies will be 467. At this festival, VAT refundable will be available in seven banks."

According to the Minister, during the festival the participants will be offered special tours, which will include air tickets, transfers, insurance and hotel accommodation, as well as shopping tours.

He noted that this time the shopping festival is held in parallel with the jazz festival in Baku, but world stars will not be invited to open the shopping festival.

Recall that the first shopping festival in Baku took place in May 2017. Despite the organizers" expectation to receive 50 million manat of income, according to the results, the income was 5.6 million manat. ----71D--

AZAL to Start Direct Flights to Sofia - President Ilham Aliyev

Baku / 13.10.17 / Turan: State Concern Azerbaijan Hava Yollari (Azerbaijan Airlines, AZAL) will begin direct flights from Baku to Sofia, Azerbaijani President Ilham Aliyev said at a joint briefing with Bulgarian President Rumen Radev.

"On the eve of the visit, an instruction was issued on this matter. Currently, the preparatory work is under way. I am confident that the negotiations will be successful," he said. ---71D

International Conference on Digital Trade to Be Held in Baku

Baku/13.10.17/Turan: The first international conference on "Digital Trade Hub of Azerbaijan: Development Perspectives" will be held in Baku. The conference organized by the Center for Analysis of Economic Reforms and Communication will be held in Baku on 19 October.

The conference will focus on the concept of development digital hubs, cooperation in the field of application of electronic signatures and mutual recognition. The new solutions to simplify export procedures, issuing electronic signatures for non-residents, online company formation and management and for electronic banking and finance sector will be presented by speakers.

Within the framework of the conference will be signed the Memorandums of Understanding between the Center for Analysis of Economic Reforms and Communication, Russia's Gazinformservis, UTS GIS and Poland's Asseco Data System which is an accredited verification center for EU member states for cooperation in fields of trans-border exchange of legal electronic documents, as well as mutual recognition of electronic signatures.

The representatives of business community from the Russia, Estonia, USA, Poland, Switzerland, Afghanistan, China, Morocco and Ukraine and those of World Bank, UNDP, European Union Commission, as well as public institutions and public organizations of the Azerbaijan Republic will participate in the event. -----71D--

Food Prices Rise More than by 30% in Several Regions

Baku / 13.10.17 / Turan: The rise in prices for food products, which even at the official level make up half of the family budget, increased by more than 30% year-on-year. This is reported by the State Statistics Committee.

Food inflation for January-September of 2017 compared with the same period in 2016 was 17.9%. In the city of Baku, this figure was 20.3%, while in Nakhchivan, where there are no officially unemployed people, the SSC reports an increase in food prices by only 3.4%, as in the "best of times".

In the Khachmaz region, food prices rose by 32.2% year-on-year, in Imishli - by 32.9%, in Agjabedi - by 30%, in Saatli - by 30.2%, and in Yevlakh - by 30.6%. In most cities and districts (Absheron, Agstafa, Shamkir, Samukh, Goranboy, Gabala, Astara, Akhsu, Goychay and other districts, Gandja and Lankaran cities), food prices went up by 23-29% in 12 months. --08D--

Three Contracts Signed for Creation of Pirallahi Industrial Park

Baku / 13.10.17 / Turan: The managing company for the establishment of the Pirallahi Industrial Park (PIP) concluded contracts in Baku on October 9 for the redeployment of power lines and communication facilities that fall into its territory. Both contracts were granted to the company IMA-Energy.

The redeployment of the 35th power transmission line will cost 1 million 47,500 manat. The company IMA-Energy will receive over 290 thousand AZN for redeployment of communication facilities.

In addition, LLC Sumgait Chemical Industrial Park (a management company) conducts an environmental and social status assessment on 30 hectares of the territory of the PIP. For this purpose, on October 5, a corresponding agreement was concluded with Ecoland Environmental Service LLC.

The order on the creation of the PIP was issued by President Ilham Aliyev in September 2016. In January of this year the foundation of the first pharmaceutical plant of the Azerbaijan-Russia joint venture Hayat Farm was laid. Currently, the resident of this industrial park is another company, LLC Diamed. But the redeployment of engineering structures and the development of a document on the assessment of the impact of the construction of this industrial park on the environment and the social status of the surrounding settlements were recalled a year later. 08D--

Baku Not to Allow Transportation of Armenian Goods by Baku-Tbilisi-Kars Railway

Baku / 13.10.17 / Turan: In the end of October, the Baku-Tbilisi-Kars railway (BTK) will be put into operation. It will annually transport about a million passengers and five million tons of cargo.

The BTK route bypasses Armenia. But Armenian businessmen intend to use this way, taking their cargoes by the working Yerevan-Tbilisi railway and adding Armenian cars in Georgia to the train going to Kars.

"Armenian cargo carriers will certainly take advantage of the opportunity to transport goods on the future BTK railway, if such an opportunity arises," the director general of an Armenian forwarding company Gagik Aghajanyan told the Russian news agency Regnum.

"While the Kars-Akhuryan route between Turkey and Armenia is closed, Armenian cargo carriers will try to take advantage of the BTK opportunities, which, in all likelihood, will lead to an increase in the cargo transit flow to Armenia," Aghajanyan said.

Azerbaijan for the construction of the Georgian section of the road allocated a loan of $ 775 million. Financing of this project by the State Oil Fund is carried out in accordance with the Decree of the President of Azerbaijan On Implementing Activities on the Baku-Tbilisi-Kars Project dated February 21, 2007.

Can Azerbaijan prevent Armenians from taking advantage of the new road, given that Baku financed most of the construction of this road?

The Georgian political scientist Vakhtang Mansaya believes the main interests of the project owners, that is Georgia, Azerbaijan and Turkey, must first of all be taken into account in the work of the BTK railroad.

Turan asked officials in the Ministry of Communications, High Technologies and Transport and the Azerbaijan Railways CJSC about the possibility for the Armenians to use the BTK road. The Ministry reported the CJSC is engaged in works on BTK. An employee of the railway company, who did not want to be named, firmly assured the Armenian cargo will not appear on the BTK railway. "This is the political will of Azerbaijan," he added.

But the official could not explain the mechanism by which the Armenian railway cars that come to Georgia will not be attached to the locomotive carrying the train to Turkey. There is no corresponding item in the documents on the BTK project.

"We are working hard to launch the new railway in a timely manner, and when it starts to function, you will see that Armenian goods are not transported by it," the employee of the international relations department of the Azerbaijan Railways CJSC promised Turan.--0--

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