Nearly 20 businesses receive resident status in Azerbaijani industrial zones in 2023

Some 19 business entities received a status of a resident in industrial zones, administered by the Economic Zones Development Agency under the Azerbaijani Economy Ministry from January through July 2023.

These residents plan to invest a total of over 244 million manats ($143 million) and create over 1,500 jobs, Report informs, citing the agency.

To date, the status of a resident in industrial zones has been assigned to 134 business entities, of which 68 have already begun their activity. The total amount of investments in industrial zones is 7.18 billion manats ($4.2 billion). As of now, entrepreneurs have invested more than 6.56 billion manats ($3.8 billion) and created more than 10,600 permanent jobs. At the next stage, investments worth about 690 million manats ($405 million) are planned to be made and more than 5,200 permanent jobs are planned to be created.

So far, industrial zones have made products worth 10.23 billion manats ($6.01 billion) and exported products worth 3.35 billion manats ($1.9 billion). The products are exported to about 60 countries under the Made in Azerbaijan brand. The enterprises operating in industrial zones sold products worth 1.4 billion manats ($823 million) in the first half of this year, of which 33.6 per cent was exported.