By Azernews

By Ayya Lmahamad

Residents are planning to invest more than AZN50 million ($29.4m) in Aghdam Industrial Park, Azerbaijani Economy Minister Mikayil Jabbarov said, Azernews reports.

He noted that the industrial park, with an area of 190 ha currently has nine residents. The minister stated that the residents' investments will enable the creation of more than 1,000 permanent jobs.

"#AgdamIndustrialPark with an area of ??190 ha currently has 9 residents, which are expected to invest more than 50 million manats. This will enable the creation of more than 1,000 permanent jobs. Preparations for the implementation of projects are already underway in the areas reserved for residents of the Industrial Park, and construction is planned to begin in August," Jabbarov wrote on his official Twitter page.

Azerbaijan has five industrial zones, with the primary goal of ensuring the long-term development of the non-oil sector, creating and expanding new production areas in the country through the use of innovative technologies, and expanding the export map of these products.

The establishment of industrial parks is one of the areas with high potential for innovative economic development. In Azerbaijan's liberated territories, decrees were signed to establish the Aghdam Industrial Park (May 28, 2021) and the Araz Valley Economic Zone (October 4, 2021).

The creation of the Industrial Park is underway under the general plan in Aghdam. It will be divided into social and technical zones and will have the food, light industry, services sectors, and big industrial enterprises. The bases for the sale of building materials and a park for vehicles will be created in the Industry Park. It is planned to open enterprises producing building materials, meat and dairy factories, establish a wine and feed production, produce and process fertilizers, organize the packing of agricultural products, and produce canned fruits and vegetables.