2024-07-04 12:38:12
Currently, the Great Return Program is being actively implemented in Azerbaijan – a comprehensive initiative aimed at restoring all territories liberated from occupation. Significant efforts are being made to restore Karabakh and Eastern Zangezur, where new villages, cities, modern trade and logistics centers and economic zones are being created.
In parallel, amidst large-scale construction activities in the former occupied regions, Azerbaijan is rapidly advancing large-scale rehabilitation and reconstruction projects. These efforts are complemented by rapid economic reintegration measures in Karabakh and Eastern Zangezur, aimed at ensuring sustainable resettlement and economic activity of the internally displaced population.
Recently, the Ministry of Economy organized an event in Shusha called “New Opportunities for Entrepreneurs: Let’s Build Karabakh Together,” which was an important continuation of these initiatives. The event aimed to present investment opportunities and business prospects in the Karabakh and Eastern Zangezur economic regions, facilitating discussions on public-private partnerships.
As reported by Day.Az with reference to Azernews, amid Azerbaijan’s ongoing efforts to restore and develop its recently liberated territories, the event “New Opportunities for Entrepreneurs: Let’s Build Karabakh Together” in Shusha, organized by the Ministry of Economy, serves as an important continuation of these initiatives. The main goal of the event is to highlight the growing investment opportunities and business prospects in the Karabakh and Eastern Zangezur economic regions. The project also aims to facilitate discussions on effective models of public-private sector cooperation.
Azerbaijan’s ongoing “Great Return” program is aimed at the comprehensive restoration of territories liberated from occupation. This includes the restoration of infrastructure, the creation of new settlements and the development of modern trade and logistics centers, as well as economic zones in Karabakh and Eastern Zangezur.
The event featured panel discussions on various aspects of entrepreneurship in these regions. Topics discussed included business incentives, government support measures, and the key role of entrepreneurs in the economic revival and integration of these recently reclaimed territories.
As part of the program, the delegation of business representatives visited the Agdam Industrial Park, the second largest in the country after the Sumgait Chemical Industrial Park. This park has attracted significant investments: 25 business entities have invested more than 216 million manats, which has led to the creation of more than 2,000 jobs. Notably, these investments are supported by favorable conditions, such as resident status for investors and exemption from certain taxes and duties.
Seymur Adygozalov, Chairman of the Agency for Development of Economic Zones under the Ministry of Economy, presented information about the industrial park “Araz Valley Economic Zone” during his speech at the event. Currently, 10 resident enterprises and 2 non-resident enterprises operate in this park. It is planned that investments in excess of 83.4 million manat will be invested in this park, resulting in the creation of 700 jobs. More than 14 million manat have already been invested in the park, which has led to the creation of more than 20 jobs.
The development plans for these industrial parks include the establishment of logistics centres, warehouses, wholesale and retail facilities, and service areas such as car repair and cold storage. These initiatives are aimed at strengthening local manufacturing capacity and promoting economic diversification in the region.
Looking to the future, several investment projects are being considered for implementation in the liberated territories of Azerbaijan, reflecting the government’s commitment to ensuring sustainable economic growth and development in these areas.
In addition to manufacturing activities, plans are underway to produce personal care products using locally sourced raw materials within the Agdam Industrial Park. This initiative aims to meet domestic demand while reducing reliance on imports, thereby supporting local industry and employment opportunities.
Currently, Azerbaijan has seven industrial parks in various districts, including the famous “Araz Valley Economic Zone” in Sumgait’s Kimye, as well as parks in Garadagh, Pirallahi, Mingachevir, Balakhany, Aghdam and Jebrail. In addition, the country has five industrial districts located in Hajigabul, Masalli, Neftchala, Sabirabad and Sharur.
Of particular note is the 190-hectare Agdam Industrial Park, established by a presidential decree on 28 May 2021. Similarly, the 200-hectare “Araz Valley Economic Zone” was established by a decree on 4 October 2021. Extensive demining operations have been undertaken to ensure the safety and accessibility needed for development. Mobile settlements have been strategically located to comfortably accommodate residents in these industrial zones.
Overall, these initiatives highlight Azerbaijan’s proactive approach to rebuilding and revitalizing its liberated territories, laying the foundation for long-term economic prosperity and regional stability.