Azerbaijan establishes Agency for Development of Economic Zones

Politics Materials 22 January 2021 17:00 (UTC +04:00)
Azerbaijan establishes Agency for Development of Economic Zones

BAKU, Azerbaijan, Jan. 22


Azerbaijani President Ilham Aliyev signed a decree on measures to improve the management of industrial parks, industrial districts and agricultural parks on Jan.21, Trend reports.

According to the decree, on the basis of Sumgayit Chemical Industrial Park LLC, a legal public entity ‘Agency for the Development of Economic Zones under the Ministry of Economy of Azerbaijan’ is being created.

The agency will take measures in connection with the organization of the activities of industrial parks (except for the Balakhani industrial park), industrial quarters (except for those in the Nakhchivan Autonomous Republic) and agricultural parks, their management and development, including participation in measures to provide relevant state support.

The general management and control over the Agency will be exercised by the Supervisory Board of seven members. The current leadership will be provided by a Board of five members.

Four members of the Supervisory Board will be appointed by the Ministry of Economy, and the remaining three - by the Ministry of Agriculture, Azerishig OJSC and Azerbaijan Amelioration and Water Management OJSC (each one at a time).

The Cabinet of Ministers was charged to:

- prepare and submit to the president of Azerbaijan proposals on the draft Charter, the size of the statutory fund of the agency, as well as the draft ‘Model Regulations on Agricultural Parks’ (within 2 months);

- take measures to resolve the issues of material and technical support of the agency, ensure transfer of the property of OJSC Sumgayit Chemical Industrial Park to the balance of the agency, and resolve other issues arising from the decree within a month from the date of the agency’s state registration.

The Ministry of Economy was ordered to:

- assess the activities of the industrial parks, industrial quarters and agricultural parks specified in this Decree, and submit proposals to the president of Azerbaijan to improve the efficiency of their activities (within 6 months);

- resolve other issues arising from this Decree.