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$25 MLN TO ENTER STATE BUDGET
Finance ministries of Azerbaijan and Russia are expected to sign a cooperation agreement shortly, which is intended to fetch $25 million for the state budget of Azerbaijan.
The Ministry of Finance told Azernews Friday that a good deal had been done to liquidate double taxation and deduction of indirect tax.
The inter-governmental agreement "On principles of deduction of indirect tax" has already been ratified by the Milli Mejlis and Russian State Duma and the treaty is expected to become effective after being signed by the two presidents. As a result, the Value Added Tax on goods imported from Russia will be deducted by Azerbaijan, which, in turn, will earn $25 million for the state budget this year.
BANK EXPANDING NETWORK OF INT'L TRANSFERS
The United Universal Joint Stock Bank (UUJSB) is expected to increase the number of "Western Union" affiliates dealing with international money transfers from 3 to 7. The Bank told Azernews Saturday that the National Bank has officially licensed the work and provided necessary software.
Establishment of new branch offices on the countryside will save physical and legal entities the need to travel to the capital. New UUJSB branches are expected to open in northern and southern parts of the country.
Under the agreement between UUJSB and "Western Union", the proceeds will be spent on promotion of the system in Azerbaijan.
INTERIOR DESIGN, CONSTRUCTION EXHIBITION DUE IN APRIL
"Euro-Asian Trading" company is expected to hold an exhibition in the Sports and Exhibitions Center on the Tbilisi Avenue April 20-24 "Decor of Interior, Construction and Polygraphy".
The exhibition is dedicated to new technologies in the mentioned areas in light of a growing demand for the products. Besides local and foreign firms already active in Azerbaijan, companies from Poland, Russia, Italy, USA, etc. are expected to take part.
AZERI FINANCIERS TO ATTEND PARIS FORUM
Paris is expected to host a forum to be attended by representatives of financial and banking sectors of Azerbaijan, Mongolia and Central Asian countries, as well as WB, IMF and other financial entities, on March 8-9.
The forum, organized by French Economic Cooperation Foundation, is expected to focus on financial sector reforms of participating countries and opportunities in financial markets and banking sectors.
The Ministry of Finance told Azernews Tuesday that Azerbaijan would be represented by the head of the foreign relations department under the Ministry Mardan Mardanov and a National Bank spokesman Rufat Aslanov.
SUBWAY COUNTS ON RUSSIAN CREDIT
Russia can provide a technical credit of $25 million for reconstruction of the carriage depot of the Baku Underground. The proposal was put forward by Russian President Putin during a recent visit to Baku, chief of the Baku Underground Taghi Ahmadov told a news conference at the Yeni Azerbaijan HQs Friday.
According to him, in February the underground executives held preliminary talks with Russian ministries of finance and economics. If Azerbaijan accepts Russia's credit terms, it will be allotted.
The underground is going to purchase 50 more railway carriages, repair the existing 40, and purchase ventilating and other equipment.
Cheap fare
Nowhere else in the world is the underground fare so cheap as in Baku (AZM250, or 5 cents), Taghi Ahmadov says.
As an example, he referred to the Moscow and St. Petersburg subways, which cost around 50 cents, while the Istanbul tube costs even more - 65 cents.
According to him, the underground needs a subsidy of AZM124.4 billion, with just AZM10 billion being allotted. Last year was completed with the loss of AZM45 billion. In one month alone, the underground loses AZM675 million because of the disadvantaged categories of the population, which enjoy free fare.
Seeking investors
«We are currently seeking an investor to build a subway line to the northern part of the city, but all talks remain fruitless due to low tariffs of the tube», Mr. Ahmadov said.
To build an underground tunnel to northern Baku, in the direction of the 7th and 8th micro-districts and Darnagul and Binagadi settlements, will cost around $140 million. The project envisions construction of three stations in this direction and a railway depot. According to the chairman of the Underground Taghi Ahmadov, the group is currently looking for a foreign investor to implement the project.
SUMGAYIT BUTADIENE EXPORTED TO RUSSIA
A butadiene facility was commissioned at the Sumgayit Synthetic Rubber Plant last December. 1,000 tons of butadiene have already been produced and dispatched to the synthetic rubber plant in Yaroslavl, Russia, at the price of $380 per ton. Two thirds of raw materials will be imported from abroad, a source at the plant told Azernews Tuesday.
Besides, the plant has started manufacturing the C-5 fraction used in production of butane, isobutilene, drying oil, and varnish.
Construction of the facility, capable of producing 300,000 tons of butadiene per annum, started in 1989, with $6 million spent in the last two years.
Butadiene is used as raw material in production of rubber and latex. 60,000 tons of butadiene are to be produced this year.
SHIPPING COMPANY TO BE RENEWED
Ukrainian ship-builders are ready to take part in the Azerbaijan Government's tender on renewal of the Caspian Shipping Company, according to the Ukrainian ambassador Boris Alexenko.
He mentioned that back in 1995 Azerbaijan had proposed to Ukraine to build new vessels, but due to financial constraints the issue remained unresolved then. The diplomat says it would be more expedient to finance construction of new vessels not with foreign credits, but from available resources.
NEW SES EXPERT DUE ON VISIT
An expert of German Federal Entrepreneurship Development Program "Senior Expert Service" (SES), represented in Azerbaijan by the Small and Medium Enterprise Development Agency (KOSIA-SMEDA), is expected to arrive in Baku on March 12.
The German expert's mission is to provide consultative assistance to one of the local companies involved in dairy production.
This will be the sixth SES mission since this year. The previous ones worked with local entrepreneurs, helping them in production of beverages, furniture, textile, construction, as well as development of security systems, according to a source from KOSIA-SMEDA.
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Issue No.10(192), 2001
No truce achieved in Paris talksPresident urges osce to take resolute stepsAzeri, Ukrainian parliaments sign for co-opPro-musavat demcongress hails Paris talksNew WB initiative launchedSheik congratulates muslims on Gurban BayramiNews digestNationParliament newsOpposition newsEcologyNews in briefBusinessOil & gas news
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