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Economic News Bulletin No 35, May 2019 Competitive in Both Domestic and Foreign Markets

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Economic News Bulletin No 35, May 2019 Competitive in Both Domestic and Foreign Markets Economic news bulletin No 35, May 2019 competitive in both domestic and foreign markets. Van Bilsen mentioned that IFC will continue to support Azerbaijan in unleashing the power of its private sector through strategic reforms that help attract investment. As the regional manager noted, the Economic News Bulletin Corporation also supports Azerbaijan Embassy of the Republic of in increasing competitiveness and Azerbaijan to the ensuring sustainable growth. He Swiss Confederation and pointed out that IFC signed Principality of Liechtenstein cooperation agreements with the Kramburgstrasse 10, 3006 Bern Ministries of Economy and tel: +41 31 350 50 44 Agriculture of Azerbaijan last week, fax: +41 31 350 50 41 as well as with the Food Safety e-mail: [email protected] Agency. Macroeconomics Van Bilsen stressed that these agreements will be of great IFC to provide support in attracting importance for the achievement of all investment goals. IFC regional manager added that the aim of cooperation is to The International Finance Corporation facilitate business and attract (IFC) continues investment in the non-oil economy of to implement a Azerbaijan. He noted that the range of agricultural sector faces a number of advisory challenges. Van Bilsen considers projects aimed value chains need further development at encouraging and the food safety management private sector system needs further improvement. growth. IFC will support Azerbaijan in attracting investment, in particular, "To address existing challenges, our foreign direct investment in the non- aim is to help streamline regulations oil sector and support diversification, and modernize the national food Jan van Bilsen, IFC Regional safety management system," van Manager for the South Caucasus, said. Bilsen concluded. IFC is a sister He considers that since agriculture is organization of the World Bank and one of the main sources of jobs in member of the World Bank Group. It Azerbaijan, the industry must be 1 Economic news bulletin No 35, May 2019 is the largest global development range of sectors, including financial institution focused exclusively on the services, infrastructure, and private sector in developing countries. manufacturing. The Bank Group has set two goals for the world to achieve by 2030: end Recently, IFC made proposals for extreme poverty and promote shared creating a mechanism for supporting prosperity in every country. the dialogue between the private and public sectors of Azerbaijan. One of IFC leverages its products and them deals with the improvement of services, as well as products and the overall investment climate, and the services of other institutions across the second with providing support in World Bank Group, in order to create drafting and introducing amendments markets that address the biggest to the legislation, evaluating their development challenges of time. The impact on the business environment Corporation applies its financial and the economy as a whole. resources, technical expertise, global experience, and innovative thinking to Minister: Azerbaijan is at new stage help its clients and partners overcome of development financial, operational, and other challenges. Azerbaijan is at a new stage of development, IFC is also a leading mobilizer of as reforms third-party resources for projects. The are Corporation’s willingness to engage in successfully difficult environments and its implemented leadership in crowding-in private in the finance enable to extend footprint and country and have a development impact well the economy is being liberalized and beyond direct resources. expanding, the Minister of Transport, Communications and High Azerbaijan became a member of IFC Technologies of Azerbaijan Ramin in 1995. IFC has been supporting the Guluzade said at the FINTEX Summit, Azerbaijani private sector for over 20 which is being held on the topic "New years and has invested $500 million trends in banking and the payment within this period. Investments worth ecosystem: innovative solutions, $350 million were directed for trade financial technologies and security" in financing and investments were also Baku, said. made in the Baku-Tbilisi-Ceyhan pipeline. The funds have financed According to the minister, serious over 50 long-term projects across a work is being carried out in the 2 Economic news bulletin No 35, May 2019 country to strengthen the export January-April 2019, according to the potential, create a favorable State Customs Committee. investment environment, and develop innovative technologies. At present, In the same period of last year, the various technological start-up and country exported 987.9 million kWh large companies operate in the of electricity at the cost of $38.4 financial technology sector of the million. country, the minister continued. Azerenergy is the main exporter of Ramin Guluzade noted that there is electric energy in Azerbaijan. There serious competition between are over 30 power plants on the participants in the financial balance of Azerenergy. The total technology market. He also power generation capacity of these emphasized the importance and stations exceeds 6,000 MW, which relevance of this summit, which allows generating about 24 billion brings together the banking, financial kWh of electricity annually. and technological sectors. Recently, energy operators of Georgia, The summit provides a solid platform Azerbaijan and Russia held a working for discussions about new meeting in Tbilisi. technological solutions, business models, application of innovative The technical details of the power technologies in the financial sector systems of the three countries were and new trends in this sphere, he said. reviewed during the meeting at the head office of the Georgian State Industry Electrosystem JSC. The representatives of Azerenergy and the Electricity exports increase Unified Energy System of Russia took part in the meeting. Azerbaijan continues to work on strengthening its power system The parties reviewed the mechanisms to meet the for regulating power flows and agreed growing to discuss the details related to the demand both creation of the United Electric Power in local and Ring, which will significantly improve foreign the stability of the electrical systems scale as well as to ensure the of the three countries and increase the reliability of the power system. The possibilities of electricity export and country exported 1.05 billion kWh of import. electricity worth $45.1 million in 3 Economic news bulletin No 35, May 2019 It is noteworthy that in 2018, Since early May 2019, Azerenergy Azerbaijan's electricity exports has started supplying electricity to increased by 165.2 million kWh in Greece, Romania, Bulgaria and comparison with 2017 (1.28 billion Hungary through Georgia and Turkey. kWh), reaching almost 1.5 billion In the coming months, the company kWh. As many as 1.23 billion kWh of also plans to export electricity to this amount was exported to Georgia, Austria and Italy. 121.5 million kWh to Russia, 80.3 million kWh to Iran, and 13.45 Car production grows in country million kWh to Turkey. Azerbaijan has been paying special The cost of electricity exported from attention to the Azerbaijan amounted to about $66 development million, and the value of exports of the increased by $16 million compared to automotive 2017. industry in recent years. Total electricity production in As many as 436 cars were Azerbaijan amounted to 25.2 billion manufactured in Azerbaijan in kWh in 2018. January-April 2019, which is 3.4 times more compared to the same Azerbaijani government expects the period of 2018, according to the power generation in 2019 at 25.5 country's State Statistical Committee. billion kWh. This figure is expected to go up by 2 percent annually to 27.1 The total production of cars, trailers billion kWh in 2022. The capacity of and semi-trailers in the country the country's generating system is amounted to 28.6 million manats 7,172.6 megawatts, which allows ($16.8 million). This is an increase of generating about 24 billion kWh of 8.6 percent over a year. Meanwhile, electricity annually. Azerbaijan imported a total of 7,250 cars worth 92.4 million manats In recent years, Azerbaijan has turned ($54.35 million). The country also from an electricity importing country imported 643 trucks totaling 10.1 into a country exporting electricity. million manats ($5.9 million). This is Azerbaijan, which has been exporting an increase of 2.03 and 2.5 times, electricity to neighboring countries for respectively. a long time, has already begun exporting energy to European In addition, Azerbaijan imported 44 countries. buses for 1.6 million manats ($940,000), which is an increase of 4 Economic news bulletin No 35, May 2019 2.3 and a decrease of 7.4 percent, Automobile Plant is the largest respectively. assembly plant of Belarusian tractors outside the Eurasian Economic Union. In 2019, car production in Azerbaijan Launched in 2004, the plant organizes in terms of value will reach 31.7 the assembly of all types of trucks and million manats ($18.6 million), in tractors of Belarusian production since 2020 the figure will be 56 million 2006. So far, more than 10,000 manats ($32.9 million), in 2021 it will Belarusian tractors and specialized make up 85.3 million manats ($50.2 equipment have been assembled at the million), and in 2022 it will reach Ganja Automobile Plant. 113.3 million manats ($66.6 million), according to government estimates. The plant produced 478 units of machinery in January-April 2019. In It is planned to gradually increase the addition, the plant manufactured 478 production volume of passenger cars units of machinery, including 466 to 7,000 units per year in quantitative different models of tractors, one MAZ terms. For now, their number is automobile trailer, one KAMAZ projected at 600 units in 2019. But the automobile, two MAZ buses and five volumes will significantly increase to tractor trailers with a self-operating 2,000 units starting from 2020, 3,500 mechanism.
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