AmCham Sustainable Development and Corporate Impact Committee’s October Meeting

On October 7, 2021 AmCham Sustainable Development & Corporate Impact committee organized its monthly meeting.Guest speakers of the meeting were Ms. Amanda Orpana, Recovery and Peacebuilding Associate at the UN Resident Coordinator’s Office in Azerbaijan and Ms. Sevinj Mamedova, Executive Director of Junior Achievement Azerbaijan (JAA).The meeting was opened with the welcome speeches by Mrs. Fidan Tofidi and Mr. Jeyhun Atayev, Deputy Chairpersons of SD&CI Committee, who introduced the guest speakers to all participants and announced the agenda of the meeting.Afterwards, the first guest speaker, Ms. Amanda Orpana, Recovery and Peacebuilding Associate at the UN Resident Coordinator’s Office in Azerbaijan, shared the presentation on 2021 Azerbaijan Sustainability Survey, conducted among AmCham member companies. The main purpose of the survey was to identify AmCham member companies' awareness and understanding of the Sustainable Development Goals and the UN Global Compact’s Ten Principles. The study also aimed to examine ongoing activities around corporate sustainability and explore any future commitments made by the companies on corporate sustainability (details are available in the attached presentation). Ms. Orpana’s presentation was followed by Q&A session and discussion on further actions and possible joint activities to be taken by AmCham members in order to improve their corporate governance system, including, but not limited by the internal processes and procedures.Then the second guest speaker, Mrs. Sevinj Mamedova, Executive Director of Junior Achievement Azerbaijan (JAA), shared delivered the presentation on “Young Entrepreneurs: Empowering Future Business Leaders” project, implemented by JAA in 2018-2021 in collaboration with the Ministry of Education, PASHA Bank and the European Union. The project aimed to support modernization of educational process, cultivate, train and promote entrepreneurship skills, mindset, as well as business and leadership among youth, and increase their employability chances in the future. Mrs. Mamedova’s presentation was followed by Q&A session and call to AmCham members’ community to share the knowledge and expertise with the younger generation, the people, who need older generation’s experience to build up own entrepreneurial career.The online meeting was concluded by closing remarks from Mrs. Fidan Tofidi and Mr. Jeyhun Atayev regarding the next Committee meeting.

AmCham Azerbaijan Supports Implementation of Green Recovery Programs for Sustainable Development of the Country

“Preparation of sustainable programs for the development of "green" energy in Azerbaijan will contribute to the growth of investments in this sector” Ms. Gulnara Aslanbayli, Executive Director of American Chamber of Commerce in Azerbaijan said at the event on “Financing Sustainable Development: Sustainable and Green Recovery from the COVID-19 pandemic” held on October 6, 2021 in Baku.“The possibilities of "green" energy have not yet been fully explored at the global level and that is one of the main risks in the green growth investment. The main role of the state here is to act as a regulator and take the necessary steps to stimulate such investments. I am sure that the state programs supporting creation of Green Energy zones in the liberated territories, including the Smart City and Smart Village concepts facilitate the growth of investments aimed at the sustainable development of green energy in the country” Ms. Aslanbayli said. An event on "Financing Sustainable Development: Sustainable and Green Recovery from the COVID-19 Pandemic" was held on October 6, 2021 with the organizational support of the National Coordinating Council for Sustainable Development, the Ministry of Economy and the United Nations Development Program (UNDP) in Azerbaijan.The event focused on the discussion of the issues of financing sustainable development, new challenges for the implementation of development priorities in Azerbaijan in the post-pandemic period, opportunities to promote an environment that ensures the sustainability and quality of the economy through "green" resources, ways to achieve Sustainable Development Goals (SDGs).Mr. Mikayil Jabbarov, Minister of Economy, Deputy Chairman of the National Coordinating Council for Sustainable Development provided information on support mechanisms.UNDP Resident Representative in Azerbaijan, Mr. Alessandro Fracassetti said that the projects implemented as a result of successful cooperation between the Government of Azerbaijan and the UN Development Program are an important step towards sustainable development and is confident that this cooperation will continue in the upcoming years.The event continued with a panel session. Executive Director of the American Chamber of Commerce in Azerbaijan, Ms. Gulnara Aslanbeyli, Deputy Minister of Energy, Mr. Elnur Soltanov, Deputy Minister of Ecology and Natural Resources, Mr. Vugar Karimov, Deputy Chairman of the Chamber of Accounts, Mr. Nasir Sadigov, UNDP Deputy Resident Representative in Azerbaijan, Ms. Charu Bist took part in the panel session moderated by Huseyn Huseynov and expressed their views on the topic of discussion.

AmCham Members’ September Luncheon

On September 28, 2021, the American Chamber of Commerce in Azerbaijan (AmCham Azerbaijan) hosted its monthly members’ luncheon. The honorable Guest Speaker of this month was United States Ambassador to Azerbaijan, Mr. Lee Litzenberger.In the opening remarks, Executive Director of AmCham Azerbaijan, Ms. Gulnara Aslanbayli expressed her gratitude to the U.S. Ambassador for dedicated service in Azerbaijan. She emphasized that Ambassador Litzenberger has made great contributions to the activities of the Chamber and has been a responsive and committed diplomat.The event proceeded with the member presentations by Deloitte Academy and Mazarina Trade Company.Afterwards, Mr. Nuran Kerimov, President of AmCham Azerbaijan, introduced the Ambassador to the audience and passed the floor to him. Ambassador Litzenberger highlighted the Embassy’s works with the American Chamber of Commerce in Azerbaijan to promote opportunities for U.S. businesses. Ambassador Litzenberger also covered topics such as women’s economic empowerment, the importance of a clear and transparent business environment, and IPR protection.The Ambassador wished success to all the participants and thanked AmCham Azerbaijan for organization of such event that provides opportunities to discuss prospects for future cooperation. In conclusion, all the questions and comments of the participants were addressed by Ambassador Litzenberger. At the end of the luncheon, Mr. Kerimov thanked the Ambassador for his efforts and contributions to improve every aspect of the U.S. relationship with Azerbaijan.AmCham Azerbaijan Members’ Luncheons are organized monthly by the Chamber and feature participation of high ranked government officials, member companies and representatives of diplomatic corps.

First AmCham Azerbaijan Trip to Aghdam

On September 25, 2021 AmCham Azerbaijan jointly with Karabakh Revival Fund organized a trip to Aghdam city for a group of member companies. The purpose of the trip was close acquaintance with Aghdam city, as well as establishment of opportunities to explore possible contributions by member companies in economic development of the region. Firstly, AmCham leadership and member companies paid a visit to Monument complex of Karabakh khans and Imarat cemetery, Bread Museum, Aghdam State Drama Theater, Juma Mosque, Giyasli Mosque and Shahbulag complex of Aghdam city.Welcoming participants of the trip, Mr. Emin Huseynov, Special Representative of the President of the Republic of Azerbaijan in the liberated part of Aghdam, presented the New General Plan of Aghdam city. He noted that amid the plan, the creation of basic infrastructure, as well as the construction works have been actively in progress.Afterwards, Mr. Rahman Haji, Chairman of the Executive Board of Karabakh Revival Fund, informed participants on the shared goals and objectives set behind the Fund by the President of the Republic of Azerbaijan. Mr. Hajiyev talked about the variety of projects implement by the Fund, including those aimed to enhance investment attractiveness of the region, restoration of Karabakh assets, as well as development of human capital in the region.Furthermore, on behalf of AmCham Azerbaijan, Mr. Nuran Kerimov thanked Mr. Emin Huseynov, Mr. Rahman Haji and their incredible team for their dedicated work and opportunity provided, as well as expressed the readiness to cooperate and contribute in the restoration of the region.At the end of the visit, a memorial picture was taken.Aghdam region is located in the center of Karabakh - in the north-eastern foothills of the Karabakh mountain range and west of the Kur-Araz lowland which is one of the ancient and charming lands of Azerbaijan.Prior to the Armenian occupation, Aghdam had great economic potential, including in industry, agriculture, tourism and other areas. At the same time, Aghdam was of great importance in terms of its cultural and historical monuments. Undoubtedly, after the liberation, a new era is beginning for Aghdam. There are great opportunities for the reconstruction of its potential, the establishment of high-tech plants, scientific centres and new agricultural enterprises which will ultimately make a special contribution to the Azerbaijani economy.

AmCham Tax and Customs Committee’s July Meeting

On July 27, 2021, AmCham Tax and Customs Committee hosted its monthly meeting. The meeting was dedicated to the Off-site (Cameral) Tax Audits.Guest speaker of the meeting was Tax Senior of Deloitte Azerbaijan Mr. Rashad Abdurahmanli.Mr. Jeyhun Mammadov, Tax & Customs Committee Chairperson welcomed participants with an opening speech and introduced the guest speaker. He briefly touched upon the results of survey on off-site tax audit issues among the AmCham member companies.Afterwards, Mr. Rashad Abdurahmanli started his speech expressing his gratitude to AmCham Azerbaijan and participants of the meeting. He delivered a comprehensive presentation on existing issues with cameral audits. The meeting was followed by participants’ engagement in an open dialogue, where all the questions of the participants were addressed by Mr. Abdurahmanli, as well as AmCham Tax and Customs Committee Chair person and deputies. At the end, participants expressed their gratitude to the guest speaker.

AmCham Members' June Luncheon

On June 18, 2021, the American Chamber of Commerce in Azerbaijan (AmCham Azerbaijan) hosted its monthly members’ luncheon. The honorable Guest Speaker of this month was Mr. Himalay Mamishov, Chairman of the Board of the State Social Protection Fund (SSPF) under the Ministry of Labor and Social Protection of Population of the Republic of Azerbaijan. Opening the event, Executive Director of AmCham Azerbaijan, Ms. Gulnara Aslanbayli welcomed SSPF leadership and AmCham member companies in the first AmCham In-Person Luncheon after a long break. Ms. Aslanbayli emphasized sustained activity of AmCham Azerbaijan on continuing supporting and promoting the interests of foreign and local businesses in Azerbaijan, as well as significance of the established fruitful dialogue and successful cooperation with government institutions in this direction.The event also featured presentations on the activities and services of several member companies.Afterwards, Chairman of the Board of the State Social Protection Fund, Mr. Himalay Mamishov, expressed his gratitude to AmCham Azerbaijan and participants of the luncheon for the opportunity provided in establishing constructive discussion on further development and improvement of social insurance in Azerbaijan. He delivered a comprehensive information on the work carried out to strengthen social insurance system of the population, as well as future plans.  Mr. Mamishov informed the participants on the goals and activities of the State Social Protection Fund aimed to strengthen capacity of SSPF in maintaining transparency and further improving efficiency of the social insurance and pension provision systems in Azerbaijan. Moreover, he noted the significant progress achieved in the implementation of modern innovations in the field of social protection and social insurance in the country. In conclusion, all the questions and comments of the participants were addressed by Mr. Himalay Mamishov. At the end of the luncheon, Mr. Nuran Kerimov, President of AmCham Azerbaijan thanked the guest speaker and all the participants for their involvement in the event.  Around hundred AmCham members and partners attended the event, including high-ranked State Officials and representatives of diplomatic corps.AmCham Azerbaijan Members’ Luncheons are organized monthly by the Chamber and feature participation of high ranked government officials, member companies and representatives of diplomatic corps.

AmCham Presented Subsequent Publication of its White Paper to the Public

On June 11,2021 American Chamber of Commerce in Azerbaijan (AmCham Azerbaijan) organized a press-conference for publicly presenting subsequent publication of its White Paper on observations and recommendations for improving Azerbaijan’s business climate. Members of AmCham Board of Directors, Committee chairpersons, State Officials, AmCham members and media representatives attended the press-conference.The White Paper is being prepared and presented to Azerbaijan government biannually in the aim of supporting various fields of Azerbaijan’s economy.The document reflects collective view of AmCham members on changes contributing to the strength of business environment and ultimately, the country. It consists of two parts – “Introduction” part covering the issues reflected in the White Paper in general and “Recommendations” part which involves suggestions on more specific issues in detail. The recommendations reflected in previous years’ White Papers were added to state programs and some of the recommendations resulted in corresponding amendments in legislation which positively aspired business environment in Azerbaijan.“AmCham has always been actively cooperating with the government and supporting the implemented measures for improvement of business climate of the country. And we think it is very important to inform the government about vision of private sector and changes in business environment. White Paper 2021 will cover issues to be solved in different fields such as tax, customs, banking, finance, insurance, information and communications technology, procurement, labor, tourism, etc. It is noteworthy that the steps taken by the government to eliminate negative effects of pandemic to country’s economy have been commendable, and it is no coincidence that the measures taken have shown significant positive results. We believe that implementation of the recommendations prepared by AmCham members within the framework of this White Paper will contribute to economic reforms carried out in the country”, - noted Mr. Nuran Kerimov, the President of AmCham.Afterwards, the chairpersons of AmCham’s Committees on Tax and Customs, Human Resources and Labor, Digital Technology and Innovations, Legal and Compliance, Procurement and others spoke in detail about the recommendations of the White Paper in relevant topics. To get familiarized with the White paper, follow the link AmCham White Paper 2021The event was concluded with a Q&A session.AmCham has been operating in Azerbaijan since 1996 and currently consists of 250 companies representing more than 80% of foreign investments in the country. Serving as a bridge between government and private sector and having continuous constructive and result-oriented dialogue with relevant government bodies, Chamber promotes the business interests of its members and contributes to the improvement of the business climate in Azerbaijan.

AmCham Azerbaijan becomes a UNGC signatory

American Chamber of Commerce in Azerbaijan (AmCham Azerbaijan) is pleased to announce that it has become a United Nations Global Compact (UNGC) signatory since March 1, 2021. UNGC is a bold initiative designed to redirect business values towards working for the greater good. Its purpose is to help businesses transform their strategy in order to accommodate for the rising need in the implementation of sustainability practices around the world. With more than 12,700 members based in 160 countries, UNGC promotes ten essential sustainability principles across four domains in order to cultivate a better a world:Human RightsLabor Environment Anti-CorruptionWe commit ourselves to adhere to our recently adopted Sustainability Policy developed based on the UNGC principles and perceive this initiative as a step forward towards its implementation. While we are working on several initiatives to embrace our commitments, we as AmCham Azerbaijan are also ready to support our member companies and other local businesses in this journey towards adopting essential values of responsible governance and become a UNGC signatory. Either it is from the administrative or advisory point of view, we are determined to provide all necessary assistance to local sustainability pioneers to join the ranks of UNGC signatories.We believe, this is a big leap towards strengthening the presence of sustainability practices in Azerbaijan and will significantly contribute to the long-term value creation across all business sectors of the country. Powered by Froala Editor

AmCham Members’ Online March Luncheon

On March 15, 2021 the American Chamber of Commerce in Azerbaijan (AmCham Azerbaijan) hosted its monthly Members’ Online Luncheon.The honorable guest speaker of this month was Mr. Valeh F. Alasgarov, Chairman of the Board of Directors, Alat Free Economic Zone Authority (AFEZA).The meeting was attended by leadership of AmCham Azerbaijan, member companies and representatives of diplomatic corps. President of AmCham Azerbaijan, Mr. Nuran Karimov welcomed the participants with an opening speech and introduced the guest speaker.Mr. Valeh Alasgarov delivered a wide information on Alat Free Economic Zone (AFEZ) project, elaborating on key role of AFEZA in transforming Azerbaijan into a knowledge-based and internationally competitive economy. He also talked about legal basis and framework of AFEZ, emphasizing their distinction from other international models. Furthermore, Mr. Alasgarov defined major types of investors welcomed at AFEZ, physical development of the area, as well as fiscal and non-fiscal incentives that will be available for clients and investors.In conclusion, all the questions and comments of the participants were addressed by Mr. Valeh Alasgarov.At the end of the luncheon, Mr. Nuran Kerimov thanked everyone for participation and highlighted particular importance of the event in terms of sharing experience and discussing prospects for future cooperation between AMCHAM and AFEZA.Powered by Froala Editor

Online Tax Conference Jointly Organized by American Chamber of Commerce in Azerbaijan and State Tax Service

On March 10, 2021, the American Chamber of Commerce in Azerbaijan (AmCham Azerbaijan) organized online conference jointly with the State Tax Service (STS) under the Ministry of Economy on “Tax Regulation of the Economy in the Global Pandemic and Post-war Period - Sustainable Economic Growth and a Favorable Investment Climate”.The conference was attended by Acting Head of the State Tax Service Mr. Orkhan Nazarli, other senior officials of STS, leadership of AmCham Azerbaijan and member companies, as well as representatives of diplomatic corps. The event was focused on discussion of issues on tax legislation, improvement of the business climate and transparency, as well as exchange of views on subjects of mutual interest.  Opening the event, the president of AmCham Azerbaijan, Mr. Nuran Karimov expressed his gratitude to the STS leadership for their support in organization of the conference, as well as acknowledged Chamber's constructive dialogue with the relevant governmental bodies. It was noted that AmCham Azerbaijan is interested in development of perfect tax legislation that will improve the business environment in the country. It was also mentioned that as a result of cooperation with the tax authorities, for many years joint tax conferences have been organized, discussions in the field of taxation have been carried out, as well as numerous proposals have been submitted.  Mr. Kerimov also brought to attention that today's event is aimed to discuss the role of the tax system in improvement of the country's investment climate, its direct impact on attracting foreign direct investment and international best practices available in this field, etc.Acting Head of State Tax Service, Mr. Orkhan Nazarli thanked the participants of the conference for their contribution to the development of the Azerbaijani economy. It was noted that the STS attaches great importance to improving tax policy and tax administration, providing new services to taxpayers, holding various discussions with public organizations of entrepreneurs to further improve the business environment. It was also mentioned that before making amendments to the legislation, the opinions of local and foreign business structures operating in the country are taken into account, as well as open and active dialogue with business entities is being conducted. Mr. Nazarli noted that tax conferences held jointly with AmCham Azerbaijan have become a tradition, emphasizing that these meetings play an exceptional role in developing partnerships between tax authorities and business structures and further increasing the level of taxpayers' compliance with tax legislation. He said that the relations between the STS and AmCham Azerbaijan uniting hundreds of foreign and local businesses, are based on the principles of effective partnership. AmCham members are widely represented in various sectors of the national economy. Noting that the topic of this year's tax conference is based on modern challenges, Mr. Nazarli emphasized that the STS is interested in building partnerships with businesses in the process of improving tax legislation in order to create a favorable investment climate that will ensure sustainable economic growth in the country. He also informed the participants about the main directions of tax policy, trends in the field of tax legislation and administration in the upcoming periods.The conference was moderated by AmCham Tax and Customs Committee’s Chairman, Mr. Jeyhun Mammadov. The conference consisted of four panels: “Improvement of the investment climate as the locomotive of the country’s economic development”, “Use of modern technology in tax administration”, “Innovations in tax audits - Legislative Directions, Efficiency and Appeal Opportunities” and “Application of international best practices in the country”. In the first panel, Mr. Rashad Abbasov, a representative of NEQSOL, spoke on "The impact of the tax system on attracting foreign direct investment" and Mr. Nijat Imanov, Head of the Tax Policy Main Department of the STS - on “Future goals for a favorable investment climate”. During the second panel, Ms. Narmin Aslanova, a representative of Deloitte, delivered a presentation on "Global Goals and Directions" and Mr. Fuad Aslanov, Head of the Digital Tax Administration Main Department of the STS - on “Plans of the State Tax Service on Digital Technology”. At the third panel of the conference, EY’s representative, Ms. Arzu Hajiyeva and a representative of KPMG, Mr. Rizvan Gubiyev spoke on “Desk tax audits” and "Practical aspects of tax audits" respectively. The last panel featured presentations by PwC’s representative, Ms. Gunel Sadiyeva on “Useful international practices in the field of business stimulation” and Mr. Orkhan Musayev, Acting Head of the International Taxation and Tax Monitoring Main Department - on “Perspectives and goals in the field of transfer pricing”.At the end of the conference, the parties exchanged views with representatives of business structures on issues of interest and questions of the participants were answered within the active Q&A session. Powered by Froala Editor