The Supervisory Board of the Azerbaijan Investment Company (AIC), owned by the Ministry of Economy, approved 5 of the 62 new investment projects considered last year.
The report quotes the ministry as saying.
According to the report, 23% of the received applications were from agriculture, 23% from food and beverage industry, 13% from healthcare, 10% from light industry, 8% from heavy industry, 8% from construction and mining industry. , 5% falls on alternative and renewable energy, 5% on conventional energy, and 5% on other sectors.
A joint investment agreement has already been signed for one of the approved projects. This project is related to the expansion of the activities of Balacans Agro Food LLC, located in the Balakan region and operating in the field of production and processing of fruit juice products. AIC has allocated 4.1 million manat for this purpose. The project plans to create new production facilities and provide 100 people with permanent jobs.
AIC is currently finalizing the analysis and evaluation of several new investment projects.
In 2021, AIC’s cooperation with partner organizations has also expanded. Thus, the company has established direct contacts with local and foreign entrepreneurs and companies, and has worked more closely with local investment funds, financial institutions, including international financial institutions and banks. In addition, AIC and Turkey’s ATIB, TUIB, MUSIAD, Qatar’s JTA International, Italy’s Casillo Group, Czech Republic’s CzechTrade and others. Memorandums of understanding were signed between the companies. In addition, AIC holds meetings with foreign trade missions, as well as companies, and discusses expanding cooperation.
Significant work has been done in 2021 on projects in which AIC is a shareholder. A three-year strategic development plan has been developed for portfolio companies, new control mechanisms have been introduced, and entrepreneurs have been supported in establishing a more efficient operating model and applying corporate governance standards.
As a result of AIC’s successful activities, the company’s expenses have been optimized, and the return on its main investment sub-portfolio and liquidity sub-portfolio has increased.
AIC was established by the Presidential Decree “On Additional Measures to Promote Investment Activity” dated March 30, 2006. The main goal of the company is to make short-term investments in commercial enterprises of Azerbaijan at its own expense and by attracting other investors, to contribute to the development of the non-oil sector. The Chairman of the AIC Supervisory Board is the Minister of Economy Mikayil Jabbarov.