Azerbaijan's Araz Valley Industrial Park Promises Major Job Growth

(MENAFN- Trend News Agency) JABRAYIL, Azerbaijan, October 5. The Araz Valley Economic Zone industrial park in Azerbaijan will generate over 950 permanent jobs, Spokesperson of the Economic Zones Development Agency (EZDA) Elchin Kazimov told Trend .

"During the head of state's visit to the Eastern Zangezur economic region on October 3, we have witnessed a number of significant events, including the groundbreaking ceremony for three enterprises in the Araz Valley Economic Zone under EZDA," he said.

Kazimov pointed out that the above enterprises will implement projects on manufacturing disinfectants, liquid detergents, and bleach solutions, as well as creation of furniture cluster.

"These enterprises are planned to be launched in 2025, boosting production in the domestic non-oil sector, expanding export geography, accelerating economic diversification, contributing significantly to employment, and supporting the restoration of the industrial potential of Karabakh.

The three enterprises are expected to invest a total of over 60 million manat ($35 million) and create more than 950 permanent jobs in the industrial park. The products of these enterprises will primarily meet the demands of the domestic market, with plans for external market implementation in the next stage," he explained.

According to him, covering an area of 200 hectares, the industrial park benefits from its advantageous location along newly constructed highways and railways, making it an attractive site for entrepreneurs.

"The industrial park currently hosts 13 residents and one non-resident. Total investments are expected to reach 133.8 million manat ($78.7 million), creating more than 2,000 jobs. To date, residents have already invested over 20 million manat ($11.7 million), generating more than 40 permanent jobs.

Employment process for the industrial park gives preference to residents of Jabrayil and surrounding districts. Currently, one enterprise is operational in the park, providing technical services for agricultural machinery and trucks.

"The industrial parks operating in our country have created a favorable investment climate for the development of entrepreneurial activities. Residents of the industrial parks are provided with ready-made infrastructure, including gas, electricity, water, sewage services, fiber-optic connections, as well as internal road and railway lines, at the expense of state funds.

They are exempt from property, land, and income taxes, as well as from VAT and customs duties on the import of machinery, technological equipment, and installations for production purposes for a period of 10 years from the date of their registration.

Moreover, the existing industrial parks in the liberated territories offer additional benefits, including special preferential bank loans, subsidies for social security payments, a 20 percent discount on utility services, customs duties on imported raw materials and materials, and complete exemption from VAT (according to an established list)," added Kazimov.

To note, the Araz Valley Economic Zone industrial park was created in Jabrayil district in accordance with the Presidential decree dated October 4, 2021. The park's main activities will include the establishment of a logistics and trade center, warehouse complexes, wholesale and retail outlets, parking area, customs and fuel stations, and service centers for vehicles and equipment.

MENAFN05102024000187011040ID1108749606