Photo: Press service of the President of the Republic of Azerbaijan

BAKU, Azerbaijan, May 28. On May 28, President of the Republic of Azerbaijan Ilham Aliyev attended the inauguration of the work gloves manufacturing enterprise of GP Safety LLC in Khankendi, Trend reports.

Hikmat Asadov, founder of GP Safety LLC, informed the head of state about the enterprise’s operations.

The facility will produce four types of work gloves for various purposes. The enterprise’s annual production capacity is 25 million pairs of gloves. The products are intended to meet domestic market demand, while exports to the European market are also planned in the future. The enterprise will provide employment for 35 people. The total investment volume amounts to 3.5 million manats. State support was also provided for the establishment of the enterprise. In particular, the Azerbaijan Business Development Fund under the Ministry of Economy allocated a concessional loan of 1 million manats. In addition, a VAT exemption amounting to 238,000 manats was applied to imported machinery and equipment on the basis of an investment promotion document.

The establishment of the enterprise will contribute not only to the development of the light industry sector in Khankendi, but also to the restoration of the city’s economic potential. The creation of such industrial infrastructure provides conditions for employment opportunities for the local population, while also serving to meet domestic market demand and increase the volume of export-oriented production. All these efforts are part of the Azerbaijani state’s consistent and purposeful measures aimed at restoring and strengthening the economic potential of Garabagh and organizing the production of various types of products.

Will be updated