BAKU, Azerbaijan, July 7. The construction sector ranks third in terms of employment in Azerbaijan and fourth among SMEs, First Deputy Chairman of the Board of the Azerbaijan SME Development Agency Natig Hasanov said, Trend reports.
He made the remark during the "Application of unified contractual forms between subjects of the construction industry and settlement of disputes in this area through mediation" conference.
"This indicates the significant contribution of the construction industry to the economic development of Azerbaijan and underlines its importance in creating jobs and supporting small businesses. Further development and strengthening of the construction sector can contribute to economic growth and improve the lives of Azerbaijani citizens," he said.
Meanwhile, investments in fixed assets amounted to 18.2 billion manat ($10.7 billion) in Azerbaijan in 2022, which is 5.5 percent more in comparison with 2021.
Five percent of investments (925.4 million manat or $544.3 million) fell on the construction of residential buildings.