Ilham Aliyev: Azerbaijan is a favorable place to invest

Ilham Aliyev: Azerbaijan is a favorable place to invest

Baku, Azerbaijan, Feb. 27

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Azerbaijan is a favorable place to put investments, said President Ilham Aliyev.

He made the remarks at a meeting with employees of two yarn production plants of Mingachevir Tekstil LLC and representatives of local public of Mingachevir Feb. 27.

“This day is significant in the life of Mingachevir city," said the head of state. "Today, we celebrate the opening of Mingachevir Industrial Park. I heartily congratulate you on this wonderful occasion and wish you success.”

“I remember that we laid the foundation of Mingachevir Industrial Park here in September 2016. At that time, there was nothing in this area. It was an empty area. I remember that a presentation was made then and it was shown that several yarn production plants and other plants will be built here in the near future. Of course, this is a very big project. This project will significantly strengthen the industrial potential of both Mingachevir and Azerbaijan in general,” noted the president.

“I am happy that all the given promises have been fulfilled. Currently, the first two plants of Mingachevir Industrial Park are opening. This is a great example of public-private sector partnership, because the state does its best for development of the private sector - entrepreneurs are given preferential loans, methodological recommendations, and a great work is being carried out to create workplaces,” said President Aliyev.

The state creates opportunities for the private sector by creating industrial parks, he noted.

If the state did not undertake this function, it would not be so easy for private sector and entrepreneurs to create such big plants, said the president, adding that the private sector, for its part, both benefits from the government’s concessional loans and creates plants using its own funds.

Therefore, industrial zones, industrial clusters and industrial parks, created in Azerbaijan in recent years, pursue this goal, he continued.

“I also said in previous years that Mingachevir should become one of the strong industrial centers of our country and we can see that now,” President Aliyev added.

President Aliyev emphasized that there are industrial clusters and zones in several cities of Azerbaijan, and Sumgait Chemical Industry Park is the biggest among them.

The investments put in the park total $2.7 billion, he noted.

Industrial zones will be created and are being created in Neftchala, Hajigabul, Sabirabad, Masalli and other cities, including Mingachevir, said the head of state.

President Aliyev noted that 700-750 people are provided with jobs at these plants, and the vast majority of employees are women.

In general, the plants will have a great role in eliminating unemployment in Mingachevir, the president said.

"Big funds, 140 million manats, have been invested here. This shows that Azerbaijan is a favorable place, excellent country for making investments. More than $230 billion have been invested in the country’s economy over the past 15 years,” he said, adding that currently, Azerbaijan’s main goal is to attract more investments to non-oil sector.

The president reminded that six yarn plants currently operate in Azerbaijan.

“These two plants are being put into operation today. Thus, the number reaches eight. The production capacity of six plants is 24,000 tons of yarn. These two plants will produce 20,000 tons of yarn,” said the president. "In other words, these modern plants will produce almost the same volume of yarn produced by plants commissioned previously. This will meet the domestic demand and will also be exported."

“Today, our main goal is to increase non-oil exports, and great work is carried out in this direction. At the same time, we see the comprehensive development of our country in the example of this plant, because this is a big industrial center, industrial enterprise,” he added.

Meanwhile, local cotton is the main raw material at these plants, noted President Aliyev, adding that the rapid development of cotton-growing in recent years has resulted in the creation of these plants.

“These plants would not have been created, if we were not serious about the revival of cotton-growing two years ago, because it would be a very expensive initiative to bring seedless raw cotton from abroad and to turn it into yarn here. Therefore, over the past two years, cotton production in Azerbaijan has risen from 35,000 to 207,000 tons. I hope more cotton harvest is expected this year,” said the head of state.

The main part of cotton and seedless raw cotton will be processed in Azerbaijan, thus creating additional value and job places, and the country will be able both to export finished products, textiles, fabrics, and meet the demand of the domestic market, added President Aliyev.

He said the state greatly supports the rapid development of agriculture -- machinery is purchased, irrigation work is carried out, fertilizers, fuel, and subsidies are provided with preferential terms, as well as the state supports the development of cotton-growing and creation of industrial enterprises.

The private sector is also very active in these efforts, said the president.

“Industrial production and agricultural production – we see a combination of these two important areas in Mingachevir, and, as I said, Mingachevir is becoming one of the strongest industrial centers in Azerbaijan,” President Aliyev added.

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