The Head of State ordered on 26 February to establish the Mingechevir Industrial Park. Prior to that, in 2011-2012 the state created Balakhani Industrial Park, Sumgayit Chemical and Industrial Park (SCIP) and Pirallahi High-Tech Park, which are still at the stage of formation and organization.
According to the document, the new industrial park will be organized on an area of 14.8 hectares of JSC Mingechevir Toxucu JSC (Mingechevir Weaving Factory created in 1960) and managed by LLC SCIP. In other words, it will not be a legal entity. The President instructed the government to eliminate this JSC within two months. Note that the state owns 99.31% of the shares of the joint-stock company with registered capital of 1 million 375 thousand manat. The remaining 0.69% of the shares was purchased by members of the personnel of the factory. In 2009, it was reported that this company employed 800 people.
Another decree of Ilham Aliyev previously allocated AZN 2 million from the state budget for the organization of activities of Mingechevir Industrial Park, demolition of existing buildings, etc. ----08D
Economics
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