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Wednesday May 25 2022

Entrepreneurs invest over $3.7bn in Azerbaijan's industrial zones

13 May 2022 13:37 (UTC+04:00)
Entrepreneurs invest over $3.7bn in Azerbaijan's industrial zones

As of now, entrepreneurs have invested over AZN6.4 billion ($3.7bn) in the industrial zones of Azerbaijan, Azernews reports, citing the Economy Ministry.

“To date, the resident status of industrial zones received 101 business entities, 58 of them have already begun their activities. Entrepreneurs have invested more than AZN6.4 billion ($3.7bn) in industrial zones and created more than 10,000 permanent jobs,” the ministry said.

The next stage of existing projects envisages additional investments of over AZN400 million ($235.2m) in the industrial zones and the creation of more than 2,600 new jobs.

To date, industrial zones have produced products worth over AZN6.5 billion ($3.8bn), of which AZN 2.1 billion ($1.2bn) or about 32 percent have been exported.

Moreover, positive dynamics are observed in the production and export of products in industrial zones in 2022. In the first quarter of the year, AZN681 million ($400.5m) worth of products, which is by 82.6 percent more compared to the corresponding time of 2021. In addition, exports amounted to AZN 318 million ($187m), which is an increase of about 2.7 times compared to 2021.

Azerbaijan has five industrial zones, with the primary goal of ensuring the long-term development of the non-oil sector, creating and expanding new production areas in the country through the use of innovative technologies, and expanding the export map of these products.

The establishment of industrial parks is one of the areas with high potential for innovative economic development. Azerbaijan is establishing industrial zones in the regained regions, that is, decrees were issued for the Aghdam Industrial Park (May 28, 2021) and the Araz Valley Economic Zone (October 4, 2021).

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