Azerbaijan Industrial Corporation eyes to start manufacturing competitive products

Business Materials 29 March 2021 15:11 (UTC +04:00)
Azerbaijan Industrial Corporation eyes to start manufacturing competitive products

BAKU, Azerbaijan, Mar.29

By Fidan Babayeva- Trend:

The Azerbaijan Industrial Corporation (AIC) OJSC achieved growth in its subsidiary enterprises' investment attractiveness for business and took certain steps for cooperation with the private sector, Deputy Director of the AIC Strategic Development and Commerce Department Rustam Akbarli told Trend.

According to Akbarli, growth in the investment attractiveness was due to increased competitiveness of products manufactured by the subsidiary enterprises, expanded use of modern technologies at enterprises and other improvement measures.

“In order to continue the current policy in the near future, it may be appropriate to consider such issues as restructuring the corporate portfolio and privatization of certain enterprises,” he said. “Since the Azerbaijan Industrial Corporation OJSC operates on the basis of commercial principles, the steps taken by the corporation are aimed at increasing earnings per share and increasing the revenues to the state budget.”

He also noted that healthy and balanced economic growth creates a solid foundation for the country's sustainable development.

Speaking about the plans of the company for the current year, Akbarli stressed that the corporation plans to increase its export potential and turn the non-oil sector into the main direction of economic development.

"To achieve the set goals, given the identified priorities, it’s planned to manufacture competitive products. The main factors for the implementation of the priorities are personnel training, bringing them in line with international standards and labor market requirements. Namely, these steps will allow further strengthen the existing sales canals, enter new markets, and apply diversified strategies," said the corporation’s representative.

According to him, this year the main priorities of the AIC are expanding the range of investments aimed at making more profit in the value chain and modernizing human capital.

"The corporation plans to diversify its portfolio in 2021, as well as increase production of a wide range of products, taking into account current market requirements and trends," emphasized Akbarli.

He also reminded that strengthening cooperation between the public and private sectors and increasing the share of the private sector in financing the non-oil sector can be considered appropriate for sustainable economic growth.

Azerbaijan Industrial Corporation OJSC, the shares of which belong to the state, was established in accordance with President Ilham Aliyev’s respective decree signed by him on December 26, 2017.


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