Ilham Aliyev: Azerbaijan is a favorable place to invest
Azerbaijan is a favorable place to invest, President Ilham Aliyev said, speaking at a meeting with the plant’s employees and representatives of local public after attending the opening of two yarn production plants owned by Mingachevir Tekstil LLC in the Mingachevir Industrial Park on February 27.
“Today is a significant day in the life of Mingachevir city. Today we celebrate the opening of Mingachevir Industrial Park. I heartily congratulate you on this wonderful occasion and wish you success. I remember that we laid the foundation of Mingachevir Industrial Park here in September 2016. At that time, there was nothing in this area, it was an empty area. I remember that a presentation was made then and it was shown that several yarn production plants and other plants will be built here in the near future. Of course, this is a very big project. This project will significantly strengthen the industrial potential of both Mingachevir and Azerbaijan in general,” the head of state noted.
“I am glad that all the promises made have been fulfilled. Currently, the first two plants of the Mingachevir Industrial Park are opening. This is a great example of public-private sector partnership, because the state does its best for the development of the private sector, entrepreneurs are given preferential loans, methodological recommendations, and great work is being carried out to create workplaces,” said President Aliyev.
Furthermore, the state creates opportunities for the private sector by creating industrial parks, he noted.
Earlier, Minister of Economy Shahin Mustafayev and project manager Mehriban Akhundova informed the head of state and his spouse that the National Fund for Entrepreneurship Support of the Ministry of Economy allocated a 10 million manat ($5.8 million) soft loan to create plants with a total cost of 144 million manats ($84 million).
The state-of-the-art plants are supplied with equipment of leading companies of Germany, Switzerland, Spain and Japan. The plants will have an annual production of 20,000 tons of yarn, including 10,000 tons made through Ring method and 10,000 tons through Open End method.
President Aliyev and First Lady Mehriban Aliyeva visited Mingachevir city to open a number of social and infrastructure facilities, as well as inspect the works carried out here.
Within the visit President Aliyev has also attended commissioning of a 424 MW Mingachevir hydro power plant (HPP) after overhaul and drinking water supply system, the opening ceremony of ASAN Hayat complex, the launch ceremony of the Center for Automatic Control and Monitoring of the Electric Power Distribution Network, as well as the opening of a 26-kilometer Aran-Garahaji section of the Mingachevir-Bahramtepe road.