Azerbaijan Establishes Transport and Communications Holding to Oversee State Enterprises
Azerbaijani President Ilham Aliyev has signed a decree to establish the Azerbaijan Transport and Communications Holding (AZCON), a new body that will manage key state enterprises in the transport and communications sectors
The decree, issued on Thursday, includes a list of state-owned companies and entities with government stakes that will be transferred under AZCON’s management, according to Kazinform.
AZCON will oversee several prominent organizations, including Azerbaijan Airlines, Azerbaijan Caspian Shipping Company, Baku Metro, Baku International Sea Trade Port, BakuBus, Baku Shipyard, Azercosmos, Aztelecom, Azerbaijan International Telecom, and Azerpost.
The holding’s strategic operations will be directed by a supervisory board, while day-to-day management will fall under the executive director. With an authorized capital of 10 million manats, AZCON will be funded by contributions from the state-owned companies under its control.
This restructuring aims to enhance the efficiency of Azerbaijan’s state enterprises in transport and communications, boost their economic profitability, and increase contributions to the national budget.
