Private investment growth in Azerbaijan expected at 11% in coming years

Tue 22 Oct 2019 10:43 GMT | 14:43 Local Time

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Average increase in private investments in Azerbaijan is expected in the coming years at 11 percent, Azerbaijan’s Economy Minister Shahin Mustafayev said, Trend reports Oct. 22.

Mustafayev was speaking at an expanded meeting of the collegium of the Economy Ministry, in connection with the fulfillment of the presidential instructions given at a recent meeting chaired by Azerbaijani President Ilham Aliyev.

As part of investment projects, 407 investment promotion documents worth a total of 3.9 billion manat ($2.2 billion) and 2,940 supporting documents on their basis were issued to 346 entrepreneurs, the minister said.

“About 59 percent of projects cover industry sphere, 40 percent - agriculture and 1 percent – tourism,” Mustafayev noted. “As a result of these projects, more than 27,000 jobs are expected to be created.”

“To date, 270 projects have been launched at 245 facilities and about 19,000 jobs have been created,” the minister added. “From January through September 2019, entrepreneurs received 75 investment incentive documents for projects worth 807.6 million manat ($476 million), and a total of 730 supporting documents for the import of machinery, technological equipment and units.”

Mustafayev instructed the relevant structures of the ministry to prepare specific proposals for enhancing research and analyzing the development potential of the industry.

($1= 1.7 manat on Oct. 22)

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