BAKU, Azerbaijan, December 13. Production in Azerbaijan's Masalli Industrial District has increased by nearly 15 percent, Trend reports via the country's Agency for Development of Economic Zones (ADEZ) under the Ministry of Economy.
The agency said that the district, managed by the ADEZ, granted the resident status to eight business entities with an investment capital of 6.2 million manat ($3.6 million).
To date, entrepreneurs have invested 2.1 million manat ($1.2 million), creating 70 jobs, the agency pointed out.
"In the next phase, along with the existing projects, 4.1 million manat (around $2.4 million) will be invested, and 159 more jobs will be created in the industrial district. Currently, products worth 14.2 million manat (about $8.3 million) have been manufactured there.
The district's product manufacturing has demonstrated a positive tendency. For example, in the first nine months of 2023, it manufactured products worth 1.9 million manat (around $1.1 million) against 2.2 million manat (about $1.3 million) in the same period this year. The products are mainly intended to meet the demand of the domestic market," the agency added.
To note, Masalli Industrial District was established by Decree No. 2115 dated June 13, 2016, of the President of Azerbaijan.
The enterprise focused on supporting the activity of micro, small, and medium entrepreneurs operating in the industrial field, ensuring sustainable development of the non-oil sector, and increasing employment of the population in the field of production.
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