Azerbaijan reveals volume of predicted investments of residents of industrial zones (UPDATE)

Economy Materials 1 February 2023 15:17 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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Details added (first published: 13:07)

BAKU, Azerbaijan, February 1. A total of 28 business entities obtained resident status in industrial zones administered by Azerbaijan's Economic Zones Development Agency under the Ministry of Economy in 2022, Chairman of the agency Elshad Nuriyev said during a press conference dedicated to the results of 2022, Trend reports.

"Residents registered in industrial zones plan to invest a total of 171 million manat ($100.5 million) and create more than 2,400 jobs," he said.

He noted that out of the overall number of residents, 12 are registered as residents of Aghdam Industrial Park, 2 - Araz Valley Economic Zone Industrial Park, 8 - Sumgayit Chemical Industrial Park, 1 - Pirallahi Industrial Park, 3 - Hajigabul Industrial Quarter, 1 - Masalli Industrial Quarter, and 1 - Sabirabad Industrial Quarter.

"At the next stage, according to existing projects, it is planned to invest an additional 460 million manat ($270.5 million) in industrial zones and create more than 4,500 new jobs," he said.

Currently, as many as 116 business entities have resident status in industrial zones, of which 65 have already started their operations. The overall investment volume totals 7 billion manat ($4.1 billion).