Processing industry of Azerbaijan grew two times for 10 years
Azerbaijan, Baku, Oct. 18 /Trend, N.Ismayilova/
Over the past ten years, the production of processing industry in Azerbaijan has increased by more than two times, Azerbaijani Economic Development Minister Shahin Mustafayev said in an article published Tuesday in the official press.
"The development of this sector of the industry, which is significant to diversify the economy, was also ensured," said the article, dedicated to the 20th anniversary of the restoration of Azerbaijan's state independence.
The GDP share of value added price created in the industrial sector rose from 20 percent in 1991 to 52.5 percent in 2010, exceeding 21.8 billion manat, the article says.
The rapid development of the construction sector has created favorable conditions for production of building materials in the country, which grew by 25.8 percent from 1991 to 2010. In the future there are plans to increase production of building materials and create new enterprises in the country. Azerbaijan has already started construction of three new cement plants, which will fully cover domestic consumption and create opportunities for the export of cement.
In addition, over the past five years, production in the sector of machine-building increases by an average of 39 percent, in 2010 the growth exceeded 88 percent, says the article.
Over the past 20 years, production in the agricultural sector in Azerbaijan increased by 5.4 times. Azerbaijan today is able to provide itself with basic food products from domestic production.
Official exchange rate on Oct. 18 is 0.7869 AZN/USD.