BAKU, Azerbaijan, August 5. Azerbaijan's Khanbulag LLC has been granted resident status in the Araz Valley Economic Zone industrial park, Trend reports.
According to the Economic Zones Development Agency under the Ministry of Economy of Azerbaijan, Khanbulag LLC plans to build a restaurant with 40 rooms, accommodating up to 100 people, on its 2.5-hectare plot within the park.
The company aims to create 60 permanent jobs with an investment of seven million manat, or $4.1 million.
With this addition, the number of residents in the park has now reached 12.
In 2023, 26 business entities were granted resident status in Azerbaijan’s industrial parks managed by the Economic Zones Development Agency. Of these, seven entities were in Aghdam Industrial Park, five in Araz Valley Economic Zone, eight in Sumgayit Chemical Industrial Park, three in Pirallahi Industrial Park, one in Hajigabul Industrial District, and two in Sabirabad Industrial District.
The Economic Zones Development Agency was established as a state legal entity by Decree No. 1257 of the President of Azerbaijan on January 22, 2021, which also led to the transformation of Sumgayit Chemical Industrial Park LLC into the agency.
Currently, the agency oversees six industrial parks, four industrial quarters, 51 agroparks, and a vocational training center.
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