More state objects privatized at latest auction [PHOTO]
By Sara Israfilbayova
The State Committee on Property Issues of Azerbaijan held next auction on privatization of state property, following which 17 objects were sold.
Four of the privatized objects are small state enterprise and 13-non-residential areas. Three small state enterprises and 12 non-residential areas are located in Baku, one small state enterprise and one non-residential area are located in Sumgayit.
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.
Next auction on privatization of state property will be held on December 19.
The auction will offer 68 state objects, of which 25 are joint-stock companies, 24-small state enterprises, 8-non-residential areas and 11-vehicles.
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