BAKU: Azerbaijan has committed substantial investment to the development of industrial zones in Karabakh, with more than 118 million manat ($69.4 million) funneled into two major economic parks, creating around 500 permanent jobs, according to a government spokesperson.

According to Trend News Agency, Elchin Kazimov, Spokesman for Azerbaijan’s Economic Zones Development Agency, detailed the investments during a press briefing. The Aghdam Industrial Park and the Araz Valley Economic Zone are the primary beneficiaries of these funds. The Agdam Industrial Park, following the Sumgayit Chemical Industrial Park, ranks second in the number of residents and has allocated over 60 percent of its area to entrepreneurs. Currently, 41 business entities have received resident status in these parks, with an additional five holding non-resident status.

Kazimov highlighted that these zones have already seen significant operational success, with nine enterprises running in the Aghdam Park and one in the Araz Valley Economic
Zone. The total anticipated investment from these 46 enterprises is expected to surpass 390 million manat, potentially creating over 4,000 jobs. The products manufactured in these parks, ranging from electrical distribution equipment to construction materials, play a crucial role in rebuilding efforts in liberated territories and are also exported internationally.

This strategic investment in industrial parks is part of Azerbaijan’s broader economic development plan aimed at fostering sustainable economic growth and diversification.