Baku, Azerbaijan, August 26
By Nargiz Sadikhova - Trend:
Within the framework of the import substitution program of Sovereign Wealth Fund Samruk-Kazyna JSC, nine new manufacturing ventures will be created in mechanical engineering area in 2019, Chairman of the Board of Samruk-Kazyna Akhmetzhan Yessimov said, Trend reports with reference to the press office of the fund.
As stated by Yessimov, total value of investments in the projects is 104 billion tenge. He also noted the efficiency of the mechanism of “target” contracts, i.e. offtake agreements.
“Within the framework of the new mechanism, two projects have been launched, including the manufacturing of high-voltage transformers and of digital pressure sensors. The value of investments equaled 18 billion tenge, and 220 new work places have been created,” he said.
“However, some of the projects within the industrial and innovative development state program did not meet the planned output capacity, mainly due to the lack of long term orders. As a result, we continue purchasing goods of foreign manufacturers,” Yessimov added.
The offtake agreements mechanism provides for creation of new manufacturing ventures, which are unique for the country, by attracting internal investments. Thus, the investments activity inside the country is activated, new ventures are created, and payments to the budget are increased.
(1 USD = 386.34 KTZ on August 26)
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