Business

National ferrous metallurgy, energy boost offered

By Azernews Staff

The Ministry of Economic Development prepared a draft state ferrous metallurgy and power and energy industry boost program last week.

The ferrous metallurgy program is intended for 2002-2006. It outlines ways of restoring and developing the industry under thriving market economy relations.

The draft analyzes the current situation in ferrous metallurgy, its scientific and economic bases, opportunities of establishing a full-stage ferrous metallurgy industry, issues of investment, and the need for restructuring of the area.

The program defines effective use of national wealth and provision of the domestic market with quality goods that cost cheaper than international prices as the bases for the development of ferrous metallurgy in Azerbaijan. It elaborates on the setting up of an effective economic system providing decent cost of living, the Ministry said in a faxed statement Monday.

The power and energy boom draft aims to better power and energy supplies. The program envisions major directions of the reforms to be implemented in 2002-2010, according to a source from the Ministry.

Greek energy minister finds Baku talks effective

Greek Energy Minister Akus Tzokhadzopolos said Tuesday the gas tariff talks in Baku had been productive.

He was leading a governmental delegation to discuss the tariffs for transportation of natural gas from the Shahdeniz field in the Azeri sector of the Caspian.

He declined to divulge the outcomes of the discussions in a news conference at the Greek embassy in Baku, saying that the talks had been effective.

The two-day working visit completed Tuesday after the Greek minister held meetings at the Ministry of Fuel and Energy, SOCAR, the Ministry of Economic Development, and the Cabinet of Ministers.

According to the minister, Greece is interested in transportation of Azeri gas to Europe.

The President didn’t meet with the Greek energy chief as was scheduled due to his participation in the Ashgabat summit of the Caspian five.

Co-op outlined

In a meeting with Azeri foreign minister Vilayat Guliyev Monday, Akus Tzokhadzopolos said his country attaches a great importance to expansion of bilateral relations, particularly in energy, industry, trade and tourism.

In his turn, the Azeri minister highlighted the necessity of setting up a durable legislation frame for the development of bilateral relations, stressing the importance for developing interparliamentary ties.

Tourism in focus

The Greek official discussed cooperation opportunities in tourism with Azeri Minister for Youth, Sports and Tourism Abulfaz Garayev, as the parties reached agreement on the visit of Azeri tourism experts to Greece in July and a return visit of the Greek mission in August.

Also taking part in the meeting was Greek ambassador to Baku Mercurious Carafotias.

Opposition blame high tax rates, corruption

The Yeni Musavat newspaper and the commission of Democongress-1 organized a roundtable on entrepreneurship at the Press Club of Baku. It was dedicated to the problems of national ownership.

Attending the meeting were opposition economists, businessmen and specialists from the Ministry of Economic Development. Chairman of the economic commission of the Musavat party Gubad Ibadoglu said higher tax rates and corruption were to blame for the stagnancy of entrepreneurship in Azerbaijan.

Representative from the Ministry of Economic Development Azer Bashirov cited figures showing the development of ownership. According to him, the share of private property in industry makes up 48%, in agriculture 99% and construction 71%. Touching upon the upcoming meeting of the Azeri President with national entrepreneurs, the speakers anticipated that it would give an impulse to further boost of entrepreneurship in the country.

US allots first credit after 907 repeal

The US Department of Agriculture's GSM-102 program was presented in a ceremony at the Hyatt Regency Hotel of Baku Tuesday. Attending the ceremony were military attache of the US embassy in Baku Michael Larry, US embassy advisor for agricultural issues in Turkey Susan Chase and deputy chairman of the management board of the International Bank of Azerbaijan Rauf Rzayev. It was anounced during the ceremony that the US had allotted $5 million for export of US agricultural products and technologies to Azerbaijan.

The selection of the US department of the IBA as an operator in the credit is a proof to a high rating of the Azerbaijani bank. 40% of the bank's deposits worth $100 million invested by foreign banks belongs to the US. The bank has already launched distributing the loan among its clients, Mr. Rzayev said.

According to S. Chase, this is the first credit line opened by the US administration after the repeal of Section 907. The loan is intended for a year. A second credit totaling $5 million for 6 months.

AZEL becomes Toshiba distributor

Japanese Toshiba held a news conference at the Hyatt Regency Hotel of Baku Wednesday to update on the company's financial performance in 2001 and present new products for dealers. The new brands included notebooks, mini computers and servers. Attending the conference were dealers of Toshiba notebooks, key purchasers, Japanese ambassador to Azerbaijan, state officials and businessmen. Azerbaijan Electronics, AZEL, was announced as Toshiba distributor in Azerbaijan, Georgia, Kyrgyzstan, Turkmenistan and Tajikistan in the conference. Speakers noted the great progress in promotion of Toshiba's products in Azerbaijan and hoped for long term partnership relations between the two companies.

Central Asian energy workers to gather in Turkey

President of the Azerenergy joint stock company Etibar Pirverdiyev participated in a Central Asian regional forum "Principles of activities, control over power distribution and collecting consumer fees in competitive markets" in Ankara, Turkey Friday. The gathering was mounted by the World Energy Council and Turkey's National Organizing Committee, a source from the JSC said Wednesday.

It focused on key issues of regulation and subsidizing under the conditions of market reforms, as well as collection of fees and customs formalities.

The main goal of the forum was to discuss outstanding energy problems, establishment of competitive markets and settlement of issues of energy safety and environment.

President of the World Energy Council Antonio Del Rosario partook in the forum.

NBA turns 10

The National Bank of Azerbaijan marked the 10th anniversary of its establishment in a solemn ceremony Friday. NBA chairman Elman Rustamov said the bank has made a lot of progress in the past ten years and its gold currency reserve now makes up $1.2 billion, which completely ensures the government's solvency in the international arena. The achievements were possible as a result of the bank's policy of manat's stability, as well as the low inflation level in the post-soviet space. The bank worked out a strategy for development of the national banking system covering a period from 2002 to 2005, he said.

Tax Ministry, Entrepreneurs to co-op

The Ministry of Taxes and the National Confederation of Entrepreneurship Organizations of Azerbaijan signed a protocol on cooperation at the Ministry Thursday. Signing the document were tax minister Fazil Mammadov and confederation chairman Alakbar Mammadov. The parties have agreed to hold a national conference on entrepreneurial problems, joint seminars and set up working groups. A joint commission was established including ministry and confederation executives, as well as representatives of business circles. The commission will meet once a month to discuss tax-related problems of entrepreneurs.

Nokia announces new ad drive

By Azernews Staff

The World mobile manufacturer, Finnish Nokia announced in a news conference at the Europe Hotel of Baku Wednesday marking Nokia mobile phones from authorized distributors with special holograms and starting a new advertisement campaign for Azeri consumers.

The hologram with Nokia logos and the label ORIGINAL provided with four protection levels will be placed on the phone under the battery.

The hologram is intended to protect consumers against non-quality cellular products and phones that are not designed for use in Azerbaijan, as well as providing guarantee services in authorized service centers.

The Finnish mobile producer is going to pursue the campaign from April 18 till June 1. Purchasers of mobile phones with holograms will be presented with exclusive gifts.

Nokia is the world leader in manufacturing phones and mobile communication systems with an annual turnover of 23,2 billion Euro. The company sold over 128 million cellular phones in 2000 and is presented in 130 states, including in Azerbaijan since 1997. Its distributors here are MobiTel and CenTelecom.