Minister: Over $3.7bn invested in Azerbaijan’s industrial zones

By Ayya Lmahamad

To date, over AZN6.4 billion ($3.7bn) have been invested in the industrial zones of Azerbaijan by 58 residents, Economy Minister Mikayil Jabbarov said, Azernews reports.

The minister added that more than 10,100 permanent jobs have been created.

"To date, more than AZN 6.4 bln.  have been invested in industrial zones by 58 residents and more than 10,100 permanent jobs have been created. At the next stage, more than AZN 450 mln. will be invested in existing projects, whilst more than 4,500 new jobs will be created," he wrote on his official Twitter page.

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.