President of Azerbaijan Ilham Aliyev signed a decree on the establishment of the Azerbaijan Transport and Communications Holding (AZCON), which will unite the country’s key transport enterprises. The created structure, which is a legal entity of public law, was transferred the management of Azerbaijan Railways, the Caspian Shipping Company, the Baku International Sea Trade Port, the Baku Shipyard and other state-owned companies.
AZCON will be financed from the profits of the enterprises transferred to its management, which will optimize budget expenditures on the development of transport infrastructure. The Cabinet of Ministers has been instructed to prepare proposals for improving the regulatory framework related to the activities of the holding within five months, and the Ministry of Digital Development and Transport must develop a draft charter of AZCON within a month.
The creation of AZCON is aimed at strengthening the management of the country’s transport resources and increasing the efficiency of key enterprises in the transport sector, contributing to the development of infrastructure and optimization of logistics processes in Azerbaijan.