Azernews.Az

By Nigar Abbasova

The economy of Azerbaijan has so far managed to attract nearly $1.1 billion by means of investment tenders.

Deputy Chairman of the State Committee on Property Issues Rafig Jalilov said that the investments allowed to increase the volumes of local production by 1.5 billion manats ($ 0.87 biilion).

Addressing the conference held within the International exhibition on real estate and investments in Baku on November 23, he said that nearly 47,000 state facilities were privatized and 1,600 joint-stock companies were created in Azerbaijan until 2016, while some 250,000 people became owners of the shares in the state-owned facilities.

He further said that the privatization of Azerbaijan’s large state enterprises, including state oil company SOCAR, requires time.

“It is necessary to be consistent in such issues, since this [the privatization of large enterprises] touches the issues of Azerbaijan’s economic independence," Jalilov told reporters. As for the claim that strategic facilities are not privatized in Azerbaijan, he noted that the ore-dressing and processing enterprise in Dashkasan and Ganja automobile plant, which are quite large enterprises, have already been put for privatization.

The privatization process is designed to attract both foreign and local investors, as well as improve the business environment of Azerbaijan.

The next auction, which is scheduled for December 20 will put up for sale some 84 enterprises and properties, including 23 joint stock companies, 26 small enterprises and properties, 32 of unused non-residential areas and 3 vehicles.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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