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Ayya Lmahamad

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Twenty-eight entrepreneurship entities obtained resident status in Azerbaijan's industrial zones under the Economic Zones Development Agency in 2022, Azernews reports, referring to Economy Minister Mikayil Jabbarov.

The minister noted that the registered residents are expected to invest a total of AZN171 million ($100.5m) and create more than 2,400 jobs.

"In 2022, 28 entrepreneurship entities obtained the status of a resident in the industrial zones under the Economic Zones Development Agency (@economiczones). The registered residents are expected to #invest a total of 171 mln. ₼ and create more than 2,400 jobs," he 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 a 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

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