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Azerbaijan debates issue of attracting private investment in state-owned enterprises

BAKU, Azerbaijan, June 13. A joint meeting of the Economic Council of Azerbaijan and the Supervisory Board of the Azerbaijan Investment Holding has discussed attracting private investment in the local state-owned enterprises, a source in the Cabinet of Ministers told TurkicWorld.

According to the source, the agenda of the meeting held on June 13, chaired by Prime Minister Ali Asadov, covered the state of implementation of the directives arising from the decree of the President of the Republic of Azerbaijan dated August 31, 2023, No. 4078, "On measures to attract private investments in state enterprises of the Republic of Azerbaijan".

Specifically, in accordance with the decree, the readiness of state enterprises, including the Azerkimya Production Association (Ethylene-Polyethylene Plant) under the State Oil Company of Azerbaijan, the Urea and Methanol Plants, the Azerbaijan Caspian Shipping Company and AzerGold CJSCs, the International Bank of Azerbaijan OJSC, the Baku Telephone Communications LLC under the Ministry of Digital Development and Transport of Azerbaijan, and Aztelecom LLC, for attracting private investments was discussed in detail.

The discussion also included commercial and financial analyses of state enterprises, individual roadmaps for each enterprise, necessary changes to the legislative framework for attracting private investments, business-oriented government services, and other current issues.

Besides, Minister of Economy Mikayil Jabbarov, Minister of Digital Development and Transport Rashad Nabiyev, and CEO of Azerbaijan Investment Holding Ruslan Alikhanov presented their reports.

The meeting was also attended by executives of the state enterprises.

As a result of the meeting, taking into account the opinions and proposals of the members of the Economic Council of Azerbaijan and the Supervisory Board of the Azerbaijan Investment Holding, decisions were made on the discussed issues, and appropriate instructions were given to the structures and management of the holding.

To note, investments in Azerbaijan's fixed capital amounted to 20.29 billion manat ($11.9 billion) last year, which is 9.8 percent more than the figure for 2022.

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