Azerbaijan's Araz Valley Economic Zone expects over $47 million in investments Board chairman says

Chairman of the Board of the Azerbaijan Economic Zones Development Agency under the Ministry of Economy, Seymur Adigozalov, announced significant investment prospects for Azerbaijan's Araz Valley Economic Zone.

Addressing the discussions on the margins of "New Opportunities for Entrepreneurs: Let's Revive Karabakh Together”, Adigozalov highlighted the economic impact of ongoing and planned initiatives, Caliber.Az reports.

"Currently, we have 10 resident and 2 non-resident businesses operating in the Araz Valley Economic Zone Industrial Park. We anticipate investments exceeding AZN 83.4 million (over $47 million), which will lead to the creation of over 700 jobs," the Board chairman stated.

Adigozalov emphasized the growing momentum in industrial development, noting that to date, more than AZN 14 million has already been invested in the park, resulting in the creation of more than 20 jobs.

He further underscored the success of the Aghdam Industrial Park, where 25 entities have been granted resident status, contributing over AZN 216 million (over $127 million) in investments and generating approximately 300 permanent jobs.

"The enthusiasm among entrepreneurs is evident, with 9 projects approved in the first half of 2024 for residency in Aghdam Industrial Park, totaling AZN 68 million (over $39 million), and 6 projects approved in Araz Valley Economic Zone amounting to AZN 42.7 million (over $25 million)," Adigozalov added, highlighting the Agency's proactive role in fostering economic growth and employment opportunities.

He concluded by mentioning that the Agency continues to evaluate several promising investment projects, reflecting Azerbaijan's commitment to enhancing its economic infrastructure and revitalizing its regions following recent geopolitical developments.