"Azerbaijan Industrial Corporation" Open Joint-Stock Company, established under the Decree of the President of the Republic of Azerbaijan Ilham Aliyev dated November 6, 2017, celebrates its 1st anniversary.
Establishment of the Corporation is one of the important steps towards the further development of the country's economy. The main objectives of its activity are to increase the effectiveness of state property management, to establish favorable cooperation relationships with affiliates, and to strengthen the production potential. During this year, "Azerbaijan Industrial Corporation" Open Joint-Stock Company has implemented a number of important activities aimed at increasing the volume and improving the quality of industrial products, raising the material welfare of the population by creating new jobs in the country, mainly in the regions.
At present, 17 subsidiaries which cover various areas of the non-oil sector have been established by "Azerbaijan Industrial Corporation" Open Joint-Stock Company. Among them are a number of social-economic enterprises, including "Azerpambig" Agrarian Industry Complex, "Azeripek" LLC, "Azeraluminum" LLC, "AIC Glass" LLC, "Azertutun" LLC and others. The management structure in the cotton industry has been changed, the material and technical base has been upgraded, and new combine harvesters have been purchased. In the field of tobacco cultivation, farmers are being trained on the sowing process, tobacco cultivated areas have been increased, and in 3 months, Balaken tobacco reception point has been completely reconstructed and equipped with 60 new tobacco drying cameras for the increased collection of green tobacco. Modernization of the Corporation's significant productions of aluminum and glass products continues and strategic development plans of these enterprises are being developed.
As a result of the realization of projects based on the introduction of modern technologies, increasing the quality of the products manufactured to the level of international standards will contribute to putting the products manufactured by these enterprises into the world market and increasing the demand for the Azerbaijani products, which, in its turn, will contribute to the growth of foreign exchange reserves.