BAKU, Azerbaijan, The residents registered in the industrial zones under the Economic Zones Development Agency are expected to invest a total of 171 million manat ($100.59 million) and create more than 2,400 jobs, Trend reports via the tweet of Minister of Finance of Azerbaijan Mikayil Jabbarov.

A total of 28 entrepreneurship entities obtained the status of a resident in the industrial zones under the Economic Zones Development Agency in 2022, said the minister.

In general, a total of 116 entrepreneurship entities obtained the status of a resident in the industrial zones, while the overall number of investments totals about 7 billion manat ($4.12 billion).

Industrial zones contribute to the expansion of entrepreneurial activity in Azerbaijan. One of the most important directions of Azerbaijan’s economic policy is the development of industry and the non-oil sector, in particular. Among other areas, special attention is paid to the effective use of available natural and economic resources, the growth of industrial production, and the creation of new enterprises.

In addition, currently, systematic and result-oriented measures are being implemented, while modern technologies are being used to create products with added value. The implementation of advanced tools in accordance with the requirements of modern economic development and the creation of industrial zones (technoparks) is of utmost importance.

In order to improve the management of industrial zones, an Economic Zones Development Agency has been established under the Ministry of Economy of Azerbaijan.

Source: TREND News Agency