Azerbaijan Hosts Entrepreneurship Summit in Shusha to Drive Karabakh's Economic Development

Azerbaijan's Ministry of Economy has orchestrated a major gathering in Shusha titled "New Opportunities for Entrepreneurs: Let's Build Karabakh Together," aimed at showcasing investment prospects and business opportunities in the Karabakh and East Zangezur economic regions. The summit seeks to foster dialogue on public-private sector collaboration models and spotlight the economic potential of recently liberated territories.

Economy Minister Mikail Jabbarov highlighted Azerbaijan's conducive business environment, underscoring the Ministry's efforts to facilitate financing avenues for entrepreneurs. He emphasized the strategic placement of industrial zones at crucial transportation hubs, pivotal in enhancing logistical efficiencies for enterprises.

The Agdam Industrial Park, Azerbaijan's second-largest after the Sumgayit Chemical Industrial Park, stands as a testament to Azerbaijan's commitment to economic revival in the liberated regions. Jabbarov reiterated that reconstruction efforts prioritize significant job creation driven by private sector initiatives.

Seymour Adygozalov, Chairman of the Board of the Agency for the Development of Economic Zones, reported that the Aghdam Industrial Park has attracted 25 businesses with investments exceeding 216 million manats, generating 300 permanent jobs. Prospective projects aim to create over 2,000 additional jobs. Similarly, the Araz Valley Economic Zone Industrial Park has seen investments surpassing 83.4 million manats, creating over 700 jobs.

Adygozalov noted robust entrepreneurial interest in both industrial parks, with recent approvals for nine projects worth 68 million manats in Aghdam and six projects valued at 42.7 million manats in the Araz Valley Economic Zone.

Elchin Yusubov, Special Representative of the President in Khankendi, Aghdara, and Khojaly districts, announced the launch of 43 facilities employing 350 individuals, with plans to expand to 80 facilities by year-end. He outlined diverse investment prospects spanning trade, tourism, agriculture, and other sectors across these regions.

In Shusha, Special Representative Aydin Kerimov highlighted surging tourism metrics, citing notable visitor influxes during national events and inviting entrepreneurs to seize investment opportunities in tourism infrastructure development.

Elsewhere, developments in Zangilan indicate a burgeoning mining sector supported by local and foreign investments, according to regional officials.

Emin Huseynov, overseeing Aghdam, Fizuli, and Khojavend districts, detailed ongoing construction initiatives in Khojavend and plans to relocate 53 families by year-end.

On April 26, at a press conference following talks with German Chancellor Olaf Scholz in Berlin, President Ilham Aliyev said that Azerbaijan intends to repatriate 20,000 former internally displaced persons to Nagorno-Karabakh by the end of 2024.

"Only three and a half years have elapsed since the conclusion of the Karabakh war. Already, 6,000 former residents have returned to their ancestral lands, with this process ongoing. By year's end, 20,000 internally displaced persons will have returned to their homeland,"  Aliyev affirmed.

Emphasizing the significance of Karabakh's restoration as a national imperative, President disclosed that Azerbaijan has allocated 12 billion manats ($7 billion) thus far for the region's reconstruction efforts. In 2024 alone, the country plans to allocate $2.4 billion toward comprehensive reconstruction projects in Karabakh.