BAKU, Azerbaijan, October 28. A new enterprise called "Penoplex Prikavkazye" LLC (Russia) has been commissioned in the Hajigabul Industrial District under the Economic Zones Development Agency of Azerbaijan's Economy Ministry, Trend reports.
The ministry said that this enterprise, with a capital of 18.4 million manat ($10.8 million), will manufacture heat insulation boards, and its annual production capacity will be 100,000 cubic meters.
Moreover, 60 percent of the future products is planned for domestic sale and 40 percent for export.
The ministry also noted that the enterprise, built on a 6.7-hectare site, is equipped with state-funded ready infrastructure (gas, electricity, water, sewage, and roads).
During the event dedicated to the launch of the enterprise, Deputy Minister of Economy Samad Bashirli spoke about measures to stimulate the production of competitive non-oil products in the country, the creation of new production areas to reduce imports, and increasing government support to expand export opportunities.
The commissioning of this enterprise will contribute to the development of the construction sector and increased employment in the Hajigabul district, added the ministry.
The Hajigabul Industrial District was established by the Decree of the President of the Republic of Azerbaijan No. 3127 dated July 25, 2017 "On the establishment of the Hajigabul Industrial District" with the aim of 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.
From January through September this year, products worth 51 million manat ($30 million) were manufactured in the district, which is 97 percent more (25.8 million manat or $15.18 million) compared to the same period in 2022.
The total number of the district residents is 13.
