12:05 - 20.10.2023

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October 20, Fineko/abc.az. Over the past 20 years, the annual value of industrial products manufactured in Azerbaijan has grown 21.6-fold — from AZN 4 bn up to AZN 86.4 bn.

ABC.AZ reports that Economy Minister Mikayil Jabbarov wrote about this in article "Azerbaijan: the winner state with strong economic potential" published in newspaper "Azerbaijan".

In his article, the minister noted: "The share of the private sector in the total industrial production made up 87.6% in 2022, compared with 54.9% in 2002. In 2002-22, the production in country’s non-oil/gas industry increased from AZN 1.6 bn up to AZN 17.7 bn, which indicates real growth of 4.3-fold."
Besides, the minister stated that development and diversification of industry by innovative methods plays an important role in the diversification of the economy: "In this context, it is possible to evaluate the launch of competitive manufacturing and processing enterprises that replace imports, create new export opportunities, and are based on modern technologies."
Jabbarov stressed that one of the important mechanisms aimed at developing the industry is the creation, on the initiative of the head of state, of industrial zones – industrial parks and quarters: "There are 7 industrial parks in the country – Sumgait Chemical Park, Balakhan, Mingachevir, Garadag, Pirallakh, Aghdam and in Jabrayil district — Araz Valley Economic Zone, 5 industrial quarters — in Neftchala, Masalli, Hajigabul, Sabirabad and Sharur. In Azerbaijan, products for AZN 10.23 bn were produced in industrial zones, and output for AZN 3.35 bn was directed for export. In the 1st half of this year, enterprises operating in industrial zones sold products for AZN 1.4 bn, and 33.2% (for AZN 470.6 million) was exported."