Azerbaijan names time frame for first enterprise opening at Araz Valley Economic Zone (UPDATE)

Economy Materials 1 February 2023 21:10 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
Read more

Details added (first version posted at 12:14)

BAKU, Azerbaijan, February 1. The first enterprise in the Araz Valley Economic Zone Industrial Park is planned to be launched at the end of 2023, Chairman of the Board of the Economic Zones Development Agency of Azerbaijan Elshad Nuriyev said during a press conference dedicated to the 2022 results, Trend reports.

According to him, two business entities have become residents of the Araz Valley Economic Zone industrial park, whereas one entity received the status of a non-resident.

As he noted, it will be possible for residents to invest 17.8 million manat ($10.47 million) and create over 250 jobs.

In 2022, 28 business entities received resident status in industrial zones (two of which became residents of the Araz Valley Economic Zone), while a total of 116 business entities have received resident status as of today.