BAKU, Azerbaijan, Dec.15
By Zeyni Jafarov - Trend:
The construction sector has become one of the most significant sectors of the Azerbaijani economy in recent years, the Caspian Service company told Trend.
According to the company’s representative, during the COVID-19 pandemic, as statistics show, the stable development of this sector has continued. Thus, the volume of the loan portfolio of the construction sector in Azerbaijan this year is more than 400 million manat ($235.3 million).
Speaking about the construction process itself, the representative noted that the construction of an object also allows planning work to establish infrastructure on the territory, including the laying of roads, the construction of educational institutions and public catering facilities.
Besides, labor resources are used in this area, and in 2020, 8.2 percent of all employees have been involved in the construction segment of the economy.
The company stressed that the construction sector in Azerbaijan is perhaps the main sector of the non-oil sector, in which investors are showing interest. The housing stock in the country is annually increasing, which testifies to the sector’s great importance in the national economic policy.
The company added that it considers popularization of the traditional oriental architectural style as its mission.
“This fusion of traditions and modernity has become enough demanded and popular to get the name ‘Baku architecture’ and turn into the hallmark of our company that created this brand. We’ve already presented pearls of the ‘Baku architecture’ to cities of Russia and Kazakhstan,” concluded the company.
(1 USD = 1.7 manat on Dec. 15)
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