Azerbaijan Industry Corporation” OJSC was established

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  • Ilham Aliyev, the President of the Republic of Azerbaijan signed Decree on the establishment of state owned “Azerbaijan Industry Corporation” Open Joint Stock Company.

    The purpose of signing the Decree is to increase the efficiency of management of state property related to application of the decree on “Approval of strategic road maps according to main sectors of the national economy and economy”, to formulate report and control system based on corporative management principles and to achieve establishment of efficient cooperation links among government associations and increasing of the value chain of the production potential.

    It must be noted that, provide the balanced, competitive and sustainable development of the economy is one of the main priorities of the state economic policy. In the result of conducted durable economic reforms and diversification policy of the economy there were gained a lot of achievements in the development of industry as in other fields of economy. The volume of production of industrial production identification of has increased a lot.

    In order to provide successful development in upcoming period, taking into account modern challenges and new initiatives, realization of some measures in accordance with main strategic targets of the economic reforms, as well as involvement of current natural and economic resources to economic turnover, efficient management of the property, passed to the balance of state owned assets control package legal entities is very necessary.

    The Structure of “Azerbaijan Industry Corporation”, OJSC, which is established for this mission, has already approved. The Observation Board of “Azerbaijan Industry Corporation” OJSC was established, consisted of 5 members. Natig Amirov, chief department, Assistant of President on economic policy and industrial issues, was appointed the head of Observation Board of “Azerbaijan Industry Corporation” OJSC. Head Director will currently lead the activity of Open Joint Stock Company. Head director will have assistants on production and service branches, strategic planning and development, finance and other corporative services.

    There is a thesis on charter capital of “Azerbaijan Industry Corporation” OJSC, in the Decree, signed by the President Ilham Aliyev. It means that, according to the Decree, properties, which are in the balance of “Agrarcredit” CJSC and obtained instead of the problematic assets (debts), taken from “Azerbaijan International Bank” OJSC, will pass to the balance of “AIC” OJSC.

    According to the Decree, Administration of the President of the Republic of Azerbaijan will prepare the list, transmission and management of the state property, in the balance of “Agrarcredit” CJSC and obtained instead of the problematic assets, taken from “Azerbaijan International Bank” OJSC, passing to the balance of “AIC” OJSC and present it to the President of the Republic of Azerbaijan during a month.

    Cabinet of Ministers of the Republic of Azerbaijan and the Ministry of Justice shall address other issues arising from the present Decree.   


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