Production of goods in Azerbaijan's industrial zones up by 41.5 pct

By Ayya Lmahamad

The production of goods in industrial zones increased by 41.5 percent and reached more than AZN2.1 billion ($1.2bn) in the first nine months of 2022, Azerbaijan's Economy Minister Mikayil Jabbarov said, Azernews reports.

He noted that the export of those goods grew by 55.3 percent and equaled AZN846.1 million ($497.6m).

Moreover, the minister added that the special share of industrial zones in the manufacturing of non-oil industrial products was 16.6 percent and 33.3 percent in export.

So far, the products worth over AZN8 billion ($4.7bn) have been manufactured in industrial zones, whilst the goods worth AZN2.6 billion ($1.5bn) have been exported, he added.

"In 9 months of 2022, compared to the relevant period of 2021, the production of goods in #industrialzones increased by 41.5% and reached more than 2.1 bln. ?, whilst the #export of those goods grew by 55.3% and equaled 846.1 mln. ?. During this period, the special share of industrial zones in the manufacturing of #nonoil industrial products was 16.6% and 33.3% in export. So far, the products worth over 8 bln. ? have been manufactured in industrial zones, whilst the goods worth 2.6 bln. ? have been exported," he tweeted.

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 a high potential for innovative economic development. Decrees were signed to establish the Aghdam Industrial Park (May 28, 2021) and the Araz Valley Economic Zone (October 4, 2021) in Azerbaijan's liberated territories.