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Azerbaijan's heavy industry to reach new level

Business Materials 25 January 2021 18:56
Azerbaijan's heavy industry to reach new level

BAKU, Azerbaijan, Jan. 25

By Fidan Babayeva – Trend:

Reconstruction work in Azerbaijan’s liberated lands, as well as the rich reserves of heavy industry in these areas, will create opportunities for significant growth in this industry, Acting Director of the Scientific Research Institute of Economic Reforms under the Ministry of Economy, Arzu Huseynova told Trend.

According to Huseynova, the year 2020 was not easy for the Azerbaijani economy - a pandemic, war, negative impact from world economic processes.

“Azerbaijan is keen to expand opportunities in the field of mechanical engineering and modernize the technologies used. In the liberated districts, there are good opportunities for the creation of an engineering sector. Until today, there has been a significant development of this industry in Azerbaijan, which is confirmed by the great demand for oil and gas equipment from Azerbaijan from other Caspian countries: Iran, Kazakhstan, Russia and Turkmenistan,” Huseynova emphasized.

There are currently companies in the country that produce a wide range of metal products in accordance with internationally recognized standards and thus have established themselves as suppliers of oil and gas equipment, Huseynova added.

In 2020, machinery and equipment, cars, trailers and semi-trailers worth 352.2 million manat ($207.1 million) were produced in Azerbaijan.

Last year, the production of machinery and equipment increased by 35.7 percent, other vehicles - by 47 percent in annual terms.

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Follow the author on Twitter: @Fidan_Babaeva

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