“Araz Valley Economic Zone” Industrial Park has been established.
On October 4, 2021, the President of the Republic of Azerbaijan, Ilham Aliyev signed the “Establishment of the “Araz Valley Economic Zone” Industrial Park” Decree No. 1453. The Decree contemplates the establishment of the “Araz Valley Economic Zone” Industrial Park in the Jabrayil region. The purpose of the Decree is to rehabilitate the liberated areas and ensure the economic development of the Eastern Zangezur Economic Region.
The initial funding of 500,000 AZN (approximately, USD 294,000) will be provided to the Ministry of Economy to arrange the activities and infrastructure of the Industrial Park. The body responsible for the establishment of the Industrial Park and its operations and development is the Economic Zones Development Agency (“Agency”) of the Ministry of the Economy.
|