BAKU, Azerbaijan, October 3. The Neftchala Industrial District in Azerbaijan, under the watchful eye of the Economic Zones Development Agency and the Ministry of Economy, has spread its wings over 10 hectares and is now in the hands of businesses, ready to hit the ground running, Trend reports.
"Gedik Kaynak" LLC, a resident of the Neftchala Industrial District, has once again exported 100 tons of electrode products to Turkmenistan.
Today, a formal event transpired, featuring the engagement of
media stakeholders to facilitate the dispatch of the product to the
specified nation.
The enterprise is set to execute a phased logistics operation,
delivering a cumulative total of 600 metric tons of goods to
Turkmenistan.
Media representatives were apprised that the entity secured its
registration as a resident within the Neftchala Industrial District
in 2021 and is presently engaged in the production of electrodes in
eight distinct dimensions across two classifications.
In the subsequent phase, the fabrication of stainless steel and
aluminum electrodes is slated for execution.
As the sole producer of electrodes in Azerbaijan, the enterprise
boasts a monthly output capability of 330 tons.
The capital infusion for the facility is quantified at 7.5 million
manat ($4.4 million), resulting in the establishment of over 20
sustainable employment positions.
The products produced at the plant, under the "Geka" brand, are sold in the domestic market and exported to Iraq, Uzbekistan, and Turkmenistan. Negotiations are also underway for sales to Russia and Kazakhstan.
Later, media representatives were introduced to the overall activities of the Neftchala Industrial District.
Besides, they were informed that the Neftchala Industrial District is the first industrial district created in Azerbaijan, established by the Presidential Decree dated February 2, 2015, and has been operational since September 2017.
The main activities in the Industrial District include the production of fishing, food industry products, automobiles, animal feed, and more.
Currently, six business entities with an investment portfolio of over 63 million manat ($37 million) are registered as residents of the district, five of which are operational.
Entrepreneurs have invested nearly 50 million manat ($29.5 million) in the work done, creating over 300 permanent jobs.
So far, residents of the Neftchala Industrial District have sold 230 million manat ($135.7 million) worth of products, of which 1.8 million manat ($1.06 million) accounted for exports.
The products, sold under the "Made In Azerbaijan" brand, are exported to Iraq, Turkmenistan, Uzbekistan, Kyrgyzstan, and other countries.
The primary commodities emanating from the industrial sector encompass aquaculture nutrition formulations and electrodes.
The Neftchala Industrial District represents a strategically designated economic enclave within Azerbaijan, engineered to catalyze the diversification of the non-oil sector. This initiative is aimed at bolstering the operational capacities of small and medium-sized enterprises across various industrial verticals, including but not limited to aquaculture processing, automotive fabrication, and livestock feed manufacturing. It provides entrepreneurs with government-subsidized infrastructure, real estate, and fiscal/tariff advantages to lure capital and generate employment, with existing enterprises already functioning and enhancing the locale's economic growth.
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