New ministry set up

President Aliyev decreed Tuesday to set up the Ministry for Economic Development on the basis of the ministries of state property, economics, trade, the state committee for anti-monopoly policy and support for entrepreneurship, and the agency for foreign investment.

The Cabinet of Ministers has been instructed to prepare and forward for President's approval draft regulations of the new ministry and other issues arising from the decree.

Farhad Aliyev, former minister for state property, has been appointed as minister for economic development.