Efficient use of local resources in economic development discussed in Mingachevir and Yevlakh
As directed by the President of the Republic of Azerbaijan, systematic reforms are carried out and state support is strengthened with the aim of developing the private sector, especially increasing the role of small and medium-sized enterprises (SMEs) in the economy.
Within the framework of his visit to the region, Minister of Economy Mikayil Jabbarov met with the head of Yevlakh City Executive Power Anar Taghiyev and discussed the development of small and medium-sized businesses in Yevlakh, involvement of local resources in active turnover, the establishment of Yevlakh Pilot AgroPark, the participation of small and medium-sized businesses in this area.
Note that it is planned to organize 55 farms with 20 hectares each in the area of the agro-park to be allocated for farmers, as well as establish processing enterprises by economic entities in the industrial zone.
In Mingachevir, Minister of Economy Mikayil Jabbarov discussed with the Head of the City's Executive Power Ilham Ismayilov the issues of efficient use of local resources, expansion of entrepreneurial activity, and creation of the Mingachevir tourism cluster.
During the visit, Minister of Economy Mikayil Jabbarov got acquainted with the production process at the spinning mills of Mingachevir Textile LLC in the Mingachevir Industrial Park and discussed issues of increasing production, creating new production areas and jobs.
There are two spinning mills of Mingachevir Textile LLC operating on the territory of the Mingachevir Industrial Park. The Entrepreneurship Development Fund of the Ministry of Economy provided a soft loan of 10 million manat to establish mills on 14.5 hectares with an investment value of USD 93.5 million. Build up with modern equipment and operating on the basis of advanced technologies from Germany, Switzerland, Japan and Turkey, the enterprises employ over 450 people. The mills with an annual production capacity of 20,000 tons produce various types of yarns from cotton wool. The mills use local raw materials. The products are exported to Turkey and other countries along with the domestic market.