TODAY.AZ / Business

New industrial zones to be created in country

22 October 2019 [13:24] - TODAY.AZ

By Azernews

By Leman Mammadova

Industrial parks operating in Azerbaijan help to attract more investments to the countr's non-oil sector.

Azerbaijan plans to create two new industrial zones, Minister of Economy Shahin Mustafayev has said.

Mustafayev noted that the residents of Azerbaijan’s industrial parks have invested 5.7 billion manats ($3.35 billion) in these projects, so far, which "allowed to open about 9,000 jobs.”

“Products manufactured in industrial parks are exported both to the domestic market and to foreign countries,” he added.

Mustafayev stressed that Azerbaijan’s industrial parks produced goods worth 564 million manats ($331.86 million) in January to September 2019, of which 233 million manats ($137 million) were exported.

He pointed out that at present, 44 residents are registered in five existing industrial parks, of which 24 are already operating.

In his words, it is assumed that 673 million manats ($395.99 million) will be invested in industrial parks by the residents and more than 1,500 new jobs will be created.

“The development of industrial quarters, as new and progressive mechanisms in the development of industry, is underway,” he noted.

Mustafayev emphasized that four industrial areas have already been established in the regions of the country, in which 38 residents are registered. “Some 22 residents already operating.”

He said that so far, entrepreneurs have invested 53.8 million manats ($31.66 million) in industrial quarters and more than 650 jobs have been created.

“Over 90 million manats ($52.96 million) will be invested in the industrial quarters, which will create additional 1,400 new jobs,” he added.

Mustafayev stressed that research and analysis is currently underway to establish industrial zones in other parts of the country.

“By late 2019, proposals for the establishment of two more industrial zones (industrial park or quarter) in the regions will be submitted accordingly,” he noted.

Establishment of industrial parks with modern production infrastructure envisages sustainable development of Azerbaijan's non-oil sector, increasing the export capability of the country's economy, as well as the production of competitive, import-substituting products, providing employment of local population.

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

In 2018, $451 million was invested by residents in industrial parks, while the total investment in projects is estimated at $3.3 billion.


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