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
