Privatized “Baku Shoe Factory” OJSC Has Been Reconstructed
A total of 5.7 million AZN has been invested in “Baku Shoe Factory” OJSC, which was privatized through an investment competition.
In line with the Decree of the President of the Republic of Azerbaijan “On Measures to Accelerate the Privatization of State Property and to Increase the Efficiency of Its Management” and the corresponding instructions issued in this regard, 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 conducted by the State Service on Property Issues under the Ministry of Economy of the Republic of Azerbaijan.
The winner of the investment competition for the privatization of the OJSC, “Pepi-Ali Agricultural” Limited Liability Company, has fulfilled its obligations by transferring 3.5 million AZN to the state budget and investing 5.7 million AZN in the enterprise.
According to the investment program, the factory’s production equipment has been extensively renovated and new machinery installed. In addition, raw materials used in shoe manufacturing have been procured. Cooperation has been established with Turkey’s “ESSE” company, which specialized in shoe production, and foreign experts have been involved. The reconstruction of the enterprise, as well as the increase in the volume and quality of production, will enhance export potential. Over 100 new jobs have been created at the enterprise.
In line with the Decree of the President of the Republic of Azerbaijan “On Measures to Accelerate the Privatization of State Property and to Increase the Efficiency of Its Management” and the corresponding instructions issued in this regard, 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 conducted by the State Service on Property Issues under the Ministry of Economy of the Republic of Azerbaijan.
The winner of the investment competition for the privatization of the OJSC, “Pepi-Ali Agricultural” Limited Liability Company, has fulfilled its obligations by transferring 3.5 million AZN to the state budget and investing 5.7 million AZN in the enterprise.
According to the investment program, the factory’s production equipment has been extensively renovated and new machinery installed. In addition, raw materials used in shoe manufacturing have been procured. Cooperation has been established with Turkey’s “ESSE” company, which specialized in shoe production, and foreign experts have been involved. The reconstruction of the enterprise, as well as the increase in the volume and quality of production, will enhance export potential. Over 100 new jobs have been created at the enterprise.