Aghdam Industrial Park to produce bicycles

Garabike LLC has been granted residency status in the Aghdam Industrial Park, which is managed by the Economic Zones Development Agency under Azerbaijan's Ministry of Economy.

Report informs, citing the agency, that the newly registered resident will produce bicycles on the territory of the industrial park.

The investment value of the project is 8.6 million manats ($5.06 million).

The enterprise, which will use advanced Chinese technologies, will initially produce more than 44,000 bicycles per year, and in the next stage, it is planned to increase the annual production capacity to 70,000 units.

Currently, 28 business entities in the Aghdam Industrial Park have been granted residency status, and 4 entrepreneurs have been granted non-residency status. Entrepreneurs have invested more than 115 million manats ($67.6 million) in the work carried out in the industrial park, creating permanent jobs for more than 650 people.