TODAY.AZ / Arts & Entertainment

Industrial zones boost exports by 2.7 times

02 February 2022 [15:11] - TODAY.AZ

By Azernews

By Ayya Lmahamad

The volume of exports by industrial zones has increased by 2.7 times in 2021, the Economy Ministry has reported.

Out of the total exports volume, the share of non-oil exports was 30.8 percent.

Last year, the industrial zones produced products worth AZN 2.4 billion ($1.4bn), which is by 88.3 percent more compared to 2020. The share of the non-oil sector in production was 30.8 percent.

It should be noted that in 2020 industrial zones produced products worth AZN 1.2 billion ($705.8m).

To date, industrial zones produced products worth AZN 5.8 billion ($3.4bn), of which products worth AZN 1.7 billion ($999.9m) were exported.

Products produced in the industrial zones are sold on the domestic market and exported to more than 35 countries under the “Made in Azerbaijan” brand.

Recently, Tabaterra CJSC, a resident of the Sumgayit Chemical-Industrial Park, started to export PallMall cigarettes to Georgia. It should be noted that Tabaterra CJSC was registered as a resident of the Sumgayit Chemical-Industrial Park in 2017 and produces 80 types of tobacco products of three kinds, that meet international standards, based on British, German and Italian technologies.

“Industrial zones are a favorable mechanism for sustainable development of the non-oil sector of the country, increasing the production of import-substituting products and expanding exports,” the ministry noted.

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 using innovative technologies, and expanding the export map of these products. Approximately 55 economic entities are currently registered as residents in industrial zones.

Previously, it was reported that a total of $3.7 billion had been invested in industrial zones, with a future investment of half a billion manats, or $250 million, planned.

One of the areas with great potential for innovative economic development is the establishment of industrial parks. The 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.

URL: http://www.today.az/news/entertainment/215142.html

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