HAJIGABUL — A new enterprise has been commissioned in Azerbaijan’s Hajigabul Industrial District, adding to the region’s growing economic activity.

According to a new release by Trend News Agency, the enterprise, known as “Penoplex Prikavkazye” LLC (Russia), is set up under the Economic Zones Development Agency of Azerbaijan’s Economy Ministry. With a capital of 18.4 million manat ($10.8 million), the enterprise aims to manufacture heat insulation boards with an annual production capacity of 100,000 cubic meters. Sixty percent of the products are planned for domestic sale, while 40 percent are designated for export.

The enterprise, situated on a 6.7-hectare site, comes with ready infrastructure funded by the state, including gas, electricity, water, sewage, and roads. Deputy Minister of Economy Samad Bashirli elaborated on government initiatives to stimulate the production of non-oil products and expand export opportunities during the enterprise’s launch event. According to the ministry, this new addition to the Hajigabul Industrial District will contribute to the construction sector and create new employment opportunities in the district.

The Hajigabul Industrial District was created in 2017 to support micro, small, and medium entrepreneurs in the industrial sector and has reported manufacturing products worth 51 million manat ($30 million) from January to September this year, a 97 percent increase compared to the same period in 2022.