Azernews.Az

By Sara Israfilbayova

The State Committee on Property Issues of Azerbaijan held next auction on privatization of state property on December 5, which ended with the sale of 15 state properties.

One of the sold objects is a joint-stock company and 14 are non-residential areas. All of the privatized non-residential areas are located in Baku.

At the auction, some objects were also privatized electronically. Thus, three non-residential areas in the Narimanov district were privatized electronically.

The State Committee on Property Issues of Azerbaijan held the first electronic auction on July 4.

The privatized enterprises contribute to the economic efficiency in the country, while auctions allow citizens to create their own business by privatizing small objects at affordable prices.

The privatization process creates conditions for expansion of the activities of enterprises, increasing production volumes, opening new work places.

About 300 state properties and enterprises are planned to be privatized until the end of 2017.

Earlier, Chairman of the State Committee on Property Issues Karam Hasanov said that revenues from the privatization of state property to the state budget of Azerbaijan will exceed 100 million manats ($58.82 million) until the end of 2017.

Information about the auction is posted on the official website of the Committee, on the website privatization.az and on the facebook page.

The portal for privatization, 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.

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