By Mirsaid Ibrahimzade
The Agency for Development of Small and Medium-sized Enterprises (SMEs) keeps on supporting the non-oil sector of Azerbaijan’s economy. Attaching great attention to this, the Agency participates in different project to establish local production and reduce the country’s dependency on imports, along with stimulating entrepreneurship in Azerbaijan.
A combi boiler heating systems production plant has been put into operation on the territory of the Absheron region of Azerbaijan. The plant was established by the Azerbaijani-Chinese joint venture Elektrogas with the support of SMEs Development Agency, said the Agency.
“Investments in the construction of the plant amounted to 2 million manats ($1.17 million), of which 1 million manats ($0.58 million) is foreign investment. The annual capacity of the enterprise, which currently employs 30 people, is 120,000 heating systems,” the message says.
In the future, there is also a plan to increase investment in the enterprise to 11 million manats ($6.47 million) and raise the number of staff to 200. The Agency noted that this will expand the range of products, and that Elektrogas plans to sell products not only in the domestic market, but also to enter foreign markets.
The Agency provided comprehensive support to Elektrogas, held meetings with local and foreign investors, provided them with detailed information about the business environment of Azerbaijan and the mechanisms of state support, and provided consulting services and legal advice.
The launch of the plant is important for the development of the non-oil sector in Azerbaijan, the creation of new jobs and meeting of the domestic demand for heating systems.
SMEs Development Agency aims to ensure the consistency of reforms, as well as the improvement of the business regulation system and application of effective coordination, enhancement of the role and competitiveness of small and medium-sized businesses in the country's economy, and compliance of the management system of this sphere with modern requirements.
As a single structure with special powers, the Agency organizes, coordinates, evaluates and regulates the services provided by government agencies and organizations in this area through the SME houses.
Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1
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