25 state properties privatized at latest auction

The State Committee on Property Issues held next auction of privatization on July 25, following which 25 state properties were privatized in Azerbaijan.

Seven of the sold objects are small state enterprises, 11 non-residential areas and 7 vehicles.

Two small state enterprises and nine non-residential areas were privatized in Baku, five small state enterprises and two non-residential areas were privatized in other cities and regions of the country.

State properties privatized in the capital city are located in the Binagadi, Yasamal, Nizami, Khatai and Narimanov regions.

In order to protect state property and effectively manage it in the new economic realities, President of Azerbaijan signed a decree on May 19, 2016.

Under the decree, the acceleration of the state property privatization process has been defined as an important direction of the economic policy.

The portal for privatization – privatization.az, launched in July 2016, reflects all necessary information about the facilities, their addresses, location, and even initial cost and aims at facilitation of the process. The website is available in two languages - Azerbaijani and English. “Why Azerbaijan is special” section available on the website explains the reasons and advantages of investing in the country.

The privatization process is designed to attract both foreign and local investors, as well as develop the business environment of Azerbaijan.

Moreover, the State Committee on Property Issues held the first electronic auction on July 4.

The "electronic auction" service, which is available on the website privatization.az, combines the privatization procedure of vehicles and equipment. In the future, it will be possible to privatize small state enterprises and facilities, joint-stock companies through electronic auction. Now, the corresponding work in programming is being implemented.