Azerbaijan to allocate 3 bln AZN for development of heavy industry and machine building

Baku. 20 December. REPORT.AZ/ Gross domestic products (GDP) worth 1.56 bln USD will be produced in field of heavy industrial and mechanical engineering until 2020, 7 700 new jobs will be created.

Report informs, Strategic Road Map for development of heavy industry and machine building in Republic of Azerbaijan says. The document was signed by President Ilham Aliyev and approved by a decree dated December 6, 2016.

According to the document, 2.9 bln AZN of investment is required.

6 priority areas have been identified in Strategic road map for the development of the above-mentioned area.These are increase in productivity and creation of assets and central register of the existing potential, participation in value chains in terms of regional demand, support for the replacement of imports, development of mining and metallurgical complex,promotion and transfer of experience in alternative funding mechanisms.

The most important thing in this area is development of mining and metallurgical complex which is worth about 64% of the projected GDP or 1 bln USD. Approximately 69% of all investments or 2 bln AZN will be allocated in this direction.