Azerbaijan names number of residents of local economic zones

Finance Materials 28 September 2022 18:00
Baku, Azerbaijan Trend News Agency Sadraddin Aghjayev
Azerbaijan names number of residents of local economic zones

A total of 108 residents of economic zones have been registered in Azerbaijan, and 60 of them started their activities, the head of department of the Azerbaijani Agency for the Development of Economic Zones Emil Hajiyev said during an event on ‘Modern methods and technological development of industry: Industrial zones and agricultural parks’, Trend reports.

According to Hajiyev, several more residents of economic zones are expected to start operating this year.

"In the first half of 2022, they manufactured products worth $768 million and exported $320 million. Totally, over the entire past period, the residents exported products worth more than $1.5 billion. Besides, nearly 15 percent of manufactured non-oil products falls on economic zones, and their share in total exports is about 35 percent," he noted.

He also noted that two economic zones - the Aghdam Industrial Park and the Araz Valley Economic Zone were created in Azerbaijan’s Karabakh region.

"As to date, they have been completely cleared of mines, and the appropriate infrastructure has been created. Construction of two 110/35 kV transformers and about 20 less power is expected. Totally, nine residents and two non-residents have been registered in the Aghdam Industrial Park. One resident and one non-resident have been registered in the Araz Valley Economic Zone so far," the agency’s representative further said.

According to him, the geographical location of the mentioned economic zone allows turning Karabakh into a logistics center.

"Residents of economic zones can benefit preferential loans. They are issued at a five percent annual rate in the amount of five million manat ($2.9 million) to 10 million manat ($5.8 million) for up to 10 years," added Hajiyev.