BAKU, Azerbaijan, May 10. The creation of an infrastructure network is underway in Aghdam Industrial Park, Trend reports via the Ministry of Economy of Azerbaijan.
According to the ministry, Economy Minister Mikayil Jabbarov, Special Representative of the President of the Republic of Azerbaijan in the Aghdam, Fuzuli, and Khojavand districts Emin Huseynov, and representatives of specialized structures of the Ministry of Economy familiarized themselves with the work done in Aghdam Industrial Park.
The Aghdam Industrial Park, established by the President of Azerbaijan's decree on May 28, 2021, holds significance in unlocking the business potential of formerly occupied territories, fostering non-oil sector growth, boosting employment, and producing competitive goods.
Similar to other industrial parks, Aghdam Industrial Park offers favorable conditions for entrepreneurial development. Positioned at the crossroads with other Karabakh regions, it stands as the second-largest industrial zone, following Sumgayit Chemical Industrial Park, in terms of resident numbers.
“The park has awarded resident status to 21 businesses, totaling over 195 million manat, or $114.7 million in investments, and non-resident status to 6 entrepreneurs. The creation of over 1800 jobs is projected within the industrial park. Residents have invested over 35 million manat, or $20.58 million, to date, generating around 300 permanent positions. Presently, infrastructure network development, electricity, gas, water supply, and administrative building construction are underway in Aghdam Industrial Park, while residents are engaged in construction and installation works for various enterprises,” the ministry said.
BAFCO Invest LLC became a resident of Aghdam Industrial Park in March 2023. Spanning 2.5 hectares and employing advanced German technologies, the enterprise specializes in manufacturing protective footwear with metal inserts and soles for construction and other sectors. With an investment exceeding 10 million manat, or $5.88 million, the company will create 120 new jobs. Benefiting from import VAT exemption and customs privileges for industrial park residents, BAFCO Invest LLC has saved over one million manat, or $588,235.
Mister Decor LLC obtained resident status at Aghdam Industrial Park in October 2022. Pioneering wallpaper production in the South Caucasus with an investment of seven million manats, the enterprise anticipates creating 76 new positions. Boasting an annual capacity of 2.1 million rolls, the company plans to export products manufactured using German and Chinese technologies alongside domestic sales. Thanks to import VAT exemption and customs privileges for industrial park residents, Mister Decor LLC has saved over 400,000 manat, or $235,294.
Metkons LLC was granted resident status at Aghdam Industrial Park in April 2022. Occupying a 1-hectare area, the enterprise is set to manufacture ventilation and fire-fighting equipment, along with various metal products. Utilizing Turkish, Italian, Russian, and Chinese technologies, the enterprise has an investment value of 1.9 million manat, or $1.1 million, aiming to employ 45 individuals permanently. The produced goods will primarily cater to domestic demands. With import VAT exemption and customs privileges for industrial park residents, Metkons LLC has saved over 100,000 manat, or $58,823.
Construction and installation activities are also in progress for several enterprises within Aghdam Industrial Park, including Rail Trans Service LLC for automatic and telemechanical systems, Eel Electric LLC for electrical distribution equipment and outlets, Prof-Dam LLC for roofing production, Tabaterra LLC for tobacco product manufacturing, and Agah Group LLC for metal profile and storage rack production, among others. Some of these enterprises anticipate commencing operations later this year.
To note, Azerbaijan currently boasts seven industrial parks and five industrial districts. Residents of these zones benefit from stimulating measures. Moreover, additional incentives are extended to those in Aghdam Industrial Park and Araz Valley Economic Zone Industrial Park, situated in recently vacated territories. These incentives comprise special preferential bank loans, subsidized social insurance payments, a 20 percent discount on public utilities, and exemption from VAT and customs duties on imported raw materials and supplies.
Stay up-to-date with more news at Trend News Agency's WhatsApp channel
