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Azerbaijan Announces Volume of Investment in Industrial Projects

Azerbaijan's Economy Minister Shahin Mustafayev said that more than 1.1 billion Azerbaijani manats will be invested in (1.55 AZN/USD on July 13) in the country's industrial parks and areas.

"We are planning to invest more than 1 billion manats in Sumgait Chemical Industrial Park, 30 million manats in Balakhani industrial park, 100 million manats in Mingachevir industrial park and 40 million manats in Neftchala area," said Mustafayev.

The minister noted that 17 entrepreneurs obtained incentive documents as part of implementation of projects worth 180 million manats.

Development of Entrepreneurship

Mustafayev also noted that the demands of new economic conditions, which emerged due to the recent complex regional and global economic processes, have led to the need to speed up economic diversification and to conduct preventive measures to support entrepreneurship.

Strategic decisions have been made for development of entrepreneurship and the improvement of the business environment in the country under instructions of the Azerbaijani president, he added.

The minister also said reforms have been accelerated in all areas of the economy: logistics, banking sector, finance, agriculture, transportation and others.

US-Azerbaijan Partnership Framework

Mustafayev also touched upon the US-Azerbaijan Partnership Framework for 2016-2020.

He said the new program covers three directions – the promotion of sustainable and inclusive economic development, which also includes support for economic diversification and decent labor; strengthening the institutional capacity and effective public and social services; modernization of environmental management and the support to increasing resilience against risks and natural disasters.

Source: Trend 

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