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Minister: Six projects under review for granting resident status in economic zone in Jabrayil

5 October 2022 11:45 (UTC+04:00)
Minister: Six projects under review for granting resident status in economic zone in Jabrayil

By Ayya Lmahamad

Six projects worth more than AZN30 million ($17.6m) are being considered for obtaining a status of resident in Araz Valley Economic Zone in Jabrayil District, Azerbaijan's Economy Minister Mikayil Jabbarov said, Azernews reports.

Noting that the implementation of these projects will create over 400 permanent jobs, the minister mentioned that KAMAZ Leasing Azerbaijan, the first resident of the industrial park, has already launched the construction work.

Moreover, Mikayil Jabbarov stated that the industrial park is a significant mechanism for the fulfillment of the region's economic potential and its reintegration into the country's economy.

"Today marks one year since the establishment of the #ArazValley Economic Zone in Jabrayil district. The #IndustrialPark, which has favorable #investment opportunities for entrepreneurs, is a significant mechanism for the fulfillment of the region’s economic potential and its reintegration in the country’s #economy. Currently, 6 projects worth more than 30 million ₼, are being considered for obtaining a status of resident. The implementation of these projects will create over 400 permanent jobs. KAMAZ Leasing Azerbaijan, the first resident of the Industrial Park, has already launched the construction works," the minister tweeted.

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. Decrees were signed to establish the Aghdam Industrial Park (May 28, 2021) and the Araz Valley Economic Zone (October 4, 2021) in Azerbaijan's liberated territories.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz

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