By Azernews

By Ayya Lmahamad

To date, entrepreneurs have invested over AZN 6.4 billion ($3.7bn) in the industrial zones of Azerbaijan, the Economy Ministry has reported.

The ministry underlined that the industrial zones are a favorable mechanism in terms of expanding production in the country, import substitution, and creating new export opportunities.

“To date, 95 business entities have received the resident status of industrial zones, 58 of them have already begun their activities. Entrepreneurs have invested more than AZN 6.4 billion ($3.7bn) in industrial zones and created more than 9,700 permanent jobs,” the ministry stated.

The statement noted that the next stage of existing projects provides for additional investments of over AZN 400 million ($235.2m) in the industrial zones and the creation of more than 3,200 new jobs.

Moreover, enterprises operating in industrial zones sold products worth AZN 436 million ($25.4m), of which products worth AZN 191 million ($112.3m) were exported during January-February 2022.

“Sales of industrial zone products increased by 76 percent over the same period of 2021, while exports increased by 138 percent,” the ministry noted.

Additionally, to date, industrial zones produced goods worth AZN 6.3 billion ($3.7bn) and exported goods worth AZN 2 billion ($1.1bn) or about 32 percent. Products were exported to more than 35 countries of the world.

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