BAKU: Azerbaijan has seen substantial growth in its industrial zones with 153 business entities granted resident status, contributing significantly to both investment and job creation in the country.

According to Trend News Agency, Elchin Kazimov, spokesperson for the Economic Zones Development Agency of Azerbaijan, highlighted the significant role of these industrial zones in the nation’s economy during a press briefing. He stated that entrepreneurs have so far invested more than 6.8 billion manat (approximately $4 billion) in these zones, which has resulted in the creation of over 10,500 permanent jobs.

Kazimov further detailed the future prospects for these zones, noting that based on current projects, an additional investment of over one billion manat ($590 million) is planned. This new phase of development is expected to generate more than 8,400 new jobs, further bolstering economic growth and employment in Azerbaijan.

The development of industrial zones in Azerbaijan represents a key component of the
country’s strategy to diversify its economy, attract foreign investment and increase its export potential. The continued expansion and success of these zones are likely to have a lasting impact on the economic landscape of Azerbaijan.