Azerbaijan sets up Azersilah Defence Industrial Holding President Aliyev signs decree

Azerbaijani President Ilham Aliyev has signed a decree on the establishment of Azersilah Defence Industrial Holding closed joint-stock company and changing the regulations on the Ministry of Defence Industry.

Under the document, Azersilah Defence Industrial Holding will produce, export, sell weapons, manage legal entities subordinate to it on the basis of uniform principles, improve their activities, and increase their financial stability, Caliber.Az reports, citing the Azerbaijani president’s website.

The purpose of the holding company is to adapt the country's defence industry to modern requirements and ensure military-technical support of the army through domestic production, to make Azerbaijan one of the main industrial centres for weapons production in the region, to increase the competitiveness and stability of financial and economic activities of state-owned enterprises operating in this field through the application of advanced corporate governance practices.