5.7 million AZN has been invested in ‘Baku Shoe Factory’ OJSC, which was privatized through an investment competition.
In accordance with the Decree of the President of the Republic of Azerbaijan “On Measures to Accelerate the Privatization of State Property and Increase the Efficiency of Its Management” and the relevant instructions in this direction, privatized enterprises are being reconstructed, equipped with modern technologies and machinery, and new jobs are being created. One such enterprise is “Baku Shoe Factory” OJSC, which was privatized in 2022 through an investment competition held by the State Service on Property Issues under the Ministry of Economy.
The winner of the investment competition announced for the privatization of the OJSC, “Pepi-Ali Agricultural” LLC, has fulfilled its obligations, transferred 3.5 million manats to the state budget, and invested 5.7 million AZN in the enterprise.
According to the investment program, the production equipment at the enterprise has been overhauled and new machinery has been installed. Raw materials used in footwear production have also been purchased. Cooperation has been established with Turkish company 'ESSE', which specializes in footwear production, and foreign experts have been involved. The reconstruction of the enterprise and the increase in the volume and quality of production will contribute to expanding export opportunities. More than 100 jobs have been created at the enterprise.
