Web Desk February 16, 2021

In January of this year, a 12.8% increase in production in the non-oil and gas sector could not stop the decline in the country’s total industrial production. According to official estimates, with 3.6 billion manats of industrial production, the volume of industrial production decreased by 3.4% compared to January last year. In January, production of marketable oil decreased by 4%, natural gas increased by 7.9%. In general, the decline in production in the oil and gas sector is estimated at 5.4%. At the same time, the share of the extractive industry in the structure of industrial production, despite the steps taken to diversify it, remains extremely high – about 65%. Since 2011, the government has applied a number of preferences to support local industry. Among them, the creation of 5 industrial parks at the expense of the state, the number of residents of which has reached 50 in 10 years. Residents of industrial parks in the chemical and processing industries, shipbuilding, light industry and pharmaceuticals have tax and customs benefits. According to the estimates of the Ministry of Economy, the investment portfolio of these companies


Source: Turan News Agency

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