Vugar Bayramov: The Economy of Nakhchivan Enters a New Stage of Development

The increase in the number of industrial enterprises in the Nakhchivan Autonomous Republic is associated with the improvement of the business environment and the strengthening of state support for entrepreneurship.

This was stated to Report by Vugar Bayramov, a member of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship.

According to him, institutional and personnel reforms carried out in the region in recent years have contributed to the further strengthening of the economy and an increase in the number of new strategic facilities, including industrial enterprises.

"Preferential mechanisms applied in the territories liberated from occupation have been in effect in the autonomous republic as well since this year. Entrepreneurs operating and investing in Nakhchivan are practically exempt from major taxes. In addition, the state compensates part of social contributions. This creates additional opportunities for supporting entrepreneurs in Nakhchivan at the state level.

In this context, we can see that the region's economy is entering a new phase. In particular, the number of operating industrial enterprises is growing. If in 2020 there were 109 industrial enterprises in Nakhchivan, now their number has reached 130. This is directly linked to the improvement of the business environment and the strengthening of state support," the deputy noted.

V. Bayramov also emphasized the strategic importance of Nakhchivan in ensuring energy security and expanding Azerbaijan's export capabilities.

"As President Ilham Aliyev noted during his visit to Nakhchivan, the Autonomous Republic holds particular importance for the region both in terms of energy security and as an integral part of Azerbaijan in the transport-logistics and other spheres.

An increase in the volume of cargo transported through Nakhchivan is already being observed. During the current year, 7 million 140 thousand tons of cargo have been transported by road through the territory of the autonomous republic. After the commissioning of the Zangezur corridor, it will be possible to increase the volume of transportation through Nakhchivan and provide other regions of Azerbaijan with access to the markets of Türkiye and Europe.

At the same time, Azerbaijan will be able to export not only traditional but also other strategic products, including electricity," he said.

The deputy also noted the growth of energy consumption in the region. Currently, annual electricity consumption is 147 million kilowatt-hours, and natural gas consumption is 127 million cubic meters. Both indicators exceed the figures of previous years.

According to the parliamentarian, the growth in energy consumption is linked, in particular, to the increasing energy needs of the industrial sector.