Aghdam Industrial Park Gears Up for $103.5M Investment, Anticipating Over 1,700 New Jobs

The Economic Zones Development Agency of Azerbaijan has disclosed that residents and non-residents are projected to invest approximately 176 million manats ($103.5 million) into the Aghdam Industrial Park for future developments. This investment is also set to facilitate the creation of more than 1,700 permanent job opportunities.

According to a report by FED.az on August 11, the agency also revealed that residency status was granted to 19 business entities, while non-residency status was awarded to 6 others within Aghdam Industrial Park.

Highlighting these advancements, Azerbaijani Economy Minister Mikayil Jabbarov revealed on August 2 that “AS Istehsal LLC has now attained residency within Aghdam Industrial Park, elevating the resident count to 19.” He stressed that the company intends to establish a production enterprise for construction materials within the Industrial Park, with an investment of 5.4 million manats ($3.1 million). The minister also noted that this project’s execution will generate employment for 95 individuals.

Subsequent to the 44-day war between Armenia and Azerbaijan, Aghdam has been a focal point for extensive reconstruction initiated by the Azerbaijani government. This rehabilitation endeavor is part of the ongoing comprehensive reconstruction initiative encompassing the Karabakh (Garabagh) region of Azerbaijan. Post-reconstruction, Aghdam is anticipated to regain its original appearance and welcome back its residents.

Azerbaijan features five distinct industrial zones, primarily designed to foster non-oil sector growth, develop novel production domains via innovative technologies, and expand the spectrum of exportable goods. Among these, the establishment of industrial parks holds substantial potential for innovative economic advancement. Decrees were signed to establish the Aghdam Industrial Park on May 28, 2021, and the Araz Valley Economic Zone on October 4, 2021.

As part of the overarching reconstruction initiative, the Azerbaijani government embarked on the construction of the Aghdam Industrial Park in August 2022, spanning an area of 190 hectares (470 acres). This park is designed to encompass social and technical zones, incorporating sectors such as food production, light industry, services, and extensive industrial enterprises. It will additionally include facilities for building material sales and a vehicle park. The roadmap for the Industrial Park entails the establishment of enterprises engaged in producing building materials, meat and dairy products, wines, feeds, fertilizers, as well as the packaging of agricultural produce and the production of canned fruits and vegetables.

Meanwhile, Azerbaijani Presidential Assistant and Head of the Foreign Policy Affairs Department of the Presidential Administration, Hikmet Hajiyev, emphasized on August 14 that the 30-year-long devastating Armenian occupation caused the complete disappearance of 8 cities and hundreds of villages of Azerbaijan.

“Unprecedented and nationally owned and funded reconstruction process brings revival to liberated territories,” Hajiyev wrote on his Twitter page.