We have made some minor forecast adjustments in our 2017 update. Bakcell became the secondcarrier to launch 4G services in Q215, followed by Azerfon in Q415. We are of the opinion that threeoperators offering 4G services bodes well for 3G/4G growth prospects over the course of our forecastperiod out to end-2021. Ongoing network expansion plus the anticipated grant of 700MHz and 800MHzfrequencies should add positive momentum to the mobile sector and accelerate 3G/4G uptake. On thedownside, we are concerned about state intervention in the ICT sector which could impede growth of themobile and wireline sectors. The government touts the importance of developing an information society andencouraging telecoms growth but in practice its actions tend to hinder market forces. The recent corruptionscandal involving Telia Company and the country's political elite does not bode well for the future of thecompany as it expects to withdraw entirely from the region.
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