TODAY.AZ / Business

Deputy Economy Minister praises progress in manufacturing sector

23 October 2019 [11:03] - TODAY.AZ

By Azernews

By Rasana Gasimova

As part of the state policy aimed at developing Azerbaijan’s non-oil sector, serious progress has been made in many sectors of the country’s economy, particularly in the manufacturing sector, Azerbaijan’s Deputy Economy Minister Niyazi Safarov has said on October 22.

Safarov made this remark at the opening of the 25th Anniversary Azerbaijan International Construction Exhibition Baku Build 2019 held at the Baku Expo Center.

The deputy minister said that there is also positive development trend in the construction sector. He noted that the construction of a glass factory located in the Sumgait Industrial Park is nearing completion in Azerbaijan. Safarov mentioned that the amount of investments in this project is $82 million and that the project will be completed in 2020.

He also said that an enterprise for the production of equipment for the production of building materials will be built on the territory of the Hajigabul industrial Quarter. This will be the first enterprise of its kind to be built in Azerbaijan.

"At the same time, about 90 percent of domestic demand for such building materials as cement, brick is covered by Azerbaijani producers," Safarov said.

The deputy minister noted that over the past five years, the production of building materials increased by over 70 percent in the country.

“This is a good indicator that proves the high growth dynamics in this priority area of ??the economy. During the same period, 17 Azerbaijani construction companies received investment documents, and this is also a positive result,” Safarov added.

The deputy minister said that a lot of attention is paid to the development of the economy’s non-oil sector, and serious efforts are being made at the state level to develop the construction sector and implement major infrastructure projects.

Note that over 250 companies from 23 countries are represented at the Baku Build 2019.

The exhibition is organized by Caspian Event Organisers company with the support of the Agency for the Development of Small and Medium-sized Enterprises (SMEs), the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and Azerbaijan’s Ministry of Economic Development.

Note that the industrial production in Azerbaijan increased by 1.5 percent in 2018. The share of industry in Azerbaijan’s GDP in 2015 was 32.9 percent, in 2016 - 37.1 percent, in 2017 - 40.1 percent, and in 2018 - 44.2 percent.

Increasing industrial production in the country is one of the main goals to strengthen the non-oil economy in Azerbaijan.

The State Program for the Development of Industry in Azerbaijan for 2015-2020, is yielding results in this direction.

At present, there are five industrial parks in Azerbaijan - Sumgayit, Garadagh, Mingachevir, Pirallahi and Balakhani, as well as three industrial districts - Neftchala, Masalli and Hajigabul. In addition, work is underway to launch the Sabirabad industrial zone.

The state program envisages modernizing the industry and enhancing its structure, boosting export possibilities of the non-oil sector and expanding competitive industrial goods, as well as training highly-qualified staff for new spheres.

The results expected from the state program include transformation of the non-oil industry into the main driver of the economic growth as a result of its modernization and diversification, increase in the share of regions in industrial production, increase in the number of enterprises applying technological innovations, widening the use of international standards in the industry, etc.

The state program is funded from the state budget, extra budgetary funds, funds of the National Fund for Entrepreneurship Support and the resources of the Azerbaijan Investment Company. There are also additional minor sources of support provided by local budgets, private investments, foreign direct investments and financial and technical assistance of the international and foreign organizations.


Print version

Views: 591

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: