(MENAFN- Trend News Agency ) Baku, Azerbaijan, Oct. 11
By Anvar Mammadov – Trend:
Azerbaijan managed to return a part of the capital, the outflow of which occurred after the devaluation of the national currency, said Vusal Musayev, an expert of the Center for Analysis of Economic Reforms and Communication, addressing the Azerbaijan-Germany business forum in Baku Oct. 11.
'After the devaluation of the Azerbaijani manat, entrepreneurs lost some confidence. As a result of this, some big entrepreneurs withdrew their money from Azerbaijan and began to invest in the economy of Turkey and Georgia,' he noted. 'Thanks to regulatory measures, we were able to prevent the outflow of investment. Moreover, measures were taken to stimulate exports. As a result, we were able to return a part of the funds from Georgia and Turkey, as well as the confidence of entrepreneurs.'
According to the State Statistics Committee of Azerbaijan, the volume of foreign investments put in the country's fixed capital amounted to 6.02 billion manats in January-August 2017 that is 7.9 percent more than in the same period of 2016 (5.58 billion manats). During the period, 87.9 percent (5.29 billion manats) of investments, put in the Azerbaijani economy by other countries and international organizations, accounted for the share of investors from the UK, Turkey, Malaysia, Switzerland, Russia, Iran, the US, Japan, Norway and the Czech Republic.
Under the decree of Azerbaijan's President Ilham Aliyev, dated September 15, 2016, executive bodies and state-financed organizations in Azerbaijan suspended the purchase of imported goods (services and work) until January 1, 2018.
The restrictions do not affect foreign loans issued under the state guarantee, foreign grants, purchase of goods (services and work) necessary for the protection of the country and state security, medicines and medical devices.
MENAFN1110201701870000ID1095941739
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.