Business

GOV'T PROJECTIONS FOR 2002

The Ministry for Economic Development has prepared a socio-economic development concept of the Azerbaijan Republic for 2002 and forwarded it to relevant government agencies, the Milli Mejlis and Cabinet of Ministers for approval. The concept envisions 8.5% GDP growth, 6.9% increase in industrial production, 8.2% surge in agriculture, and 10% rise in monetary incomes of the population.

$1,915,000,000 is to be invested in the economy from all financial sources next year, including $580 million domestically.

GDP per capita is foreseen at $736.

BANKERS INTRODUCED TO EURO BANKNOTES

Specialists from state-owned and private Azeri banks took part in the presentation of Euro banknotes in a workshop on September 28, as a specialist of De La Rue, organizer of the workshop, Mr. Steve MacGregor introduced the banknotes and provided information on their design and security elements.

Euro banknotes are expected to come into circulation as a means of payment alongside national currencies in EU member-states, Austria, Belgium, Germany, Netherlands, Greece, Ireland, Italy, Spain, Luxembourg, Portugal, Finland, and France, since January 1, 2002.

IDB MISSION VISIT PUT OFF

The visit by the Islamic Development Bank (IDB) specialists scheduled for late September has been put off indefinitely, a source from the Ministry of Finance told Azernews last week. The postponement has been initiated by IDB.

As part of the visit, IDB specialists were to focus on allocation of funds for implementation of some projects, including a $10-million loan for quake relief in Baku and a loan to complete the construction of the Azerbaijan power station.

AUDITORS INCREASING DESPITE LICENSE COST

New auditing courses started at the Chamber of Auditors last week. A source from the Chamber told Azernews Monday that the courses, being attended by 15 people, are expected to end in December, when the attendees will be examined by representatives of the National Bank of Azerbaijan, the Ministry of Finance and economists. Successful attendees will receive licenses valid for five years.

Every licensed auditor is to transfer AZM2 million to the state budget and AZM1 million to the Chamber.

The Chamber issued licenses to over 200 physical and legal entities from 1996 till 2001.

NEW EUROPEAN TOBACCO CIGARETTE BRAND NOW IN THE MARKET

The "European Tobacco Baku" joint stock company launched a new 23rd cigarette brand, "Baku premium", Wednesday. A source from the company has told Azernews that it has produced 7 new brands this year, including "Prestige", "Azeri", "Azeri full", "Baku light", etc.

The enterprise has exported $10 million worth of cigarettes since being launched in February 2000. The exports are planned to rise next year.

POVERTY REDUCTION PROGRAM IN PREPARATION

Work on the initial version of the state program on poverty reduction is drifting to a close and the document is expected to be submitted to international organizations for consultations in November-December. The final version of the document will be prepared before April 2002 on the basis of comments and recommendations of specialists. The program will then be approved in May, according to an informed source.

Head of the working group in charge of preparation of the program Mr. Hagverdiyev has said that the group is studying the level of poverty in the country, determine the number of the destitute and put forward concrete suggestions on reducing poverty.

INFRASTRUCTURE PROJECTS UNDERWAY IN TENT CAMPS

Implementation of micro projects to restore the infrastructure of roads in tent camps in Bilasuvar province was launched in a ceremony on Saturday. Winning the tender for implementation of the operations was "Yolchu" company, and the project will be realized within two months, a source from the State Committee on Refugees told AssA-Irada Monday.

AZM227 million has been allotted to restore a network of 10,305km-long roads, which will be used by 1,180 families, or 7,609 people.

AZERCELL's ROAMING NETWORK EXPANDING

"Azercell Telecom" joint venture continuously expands its roaming network, as 22 more US states have been joined to the system, including Arizona, Colorado, Hawaii, Kansas, Kentucky, Oklahoma. From now onwards, while on a visit in these states users of Azercell mobile phones will be able to use the networks of VoiceStream West and VoiceStream Central operators. This has brought the number of Azercell's roaming operators to 133 in 68 countries worldwide.