Aghdam Industrial Park to produce bicycles

"Qarabike" LLC has been granted residency status in Azerbaijanchr("39")s Aghdam Industrial Park, managed by the Economic Zones Development Agency under the Ministry of Economy, Olaylar reports via the agency.

The newly registered resident is set to roll out a bicycle production project right in the heart of the industrial park. The projectchr("39")s investment value hits the nail on the head at 8.6 million manat, which is the same as $5 million in the grand scheme of things.

"The enterprise, which will use advanced Chinese technologies, will produce more than 44,000 bicycles per year at the initial stage, and itchr("39")s planned to raise the annual production capacity to 70,000 units in the next stage," the agency said.

To note, a total of 28 business entities have hit the ground running with residency status in the Aghdam Industrial Park, while four entrepreneurs are left out in the cold with non-residency status. Entrepreneurs have put their money where their mouth is, investing over 115 million manat ($67 million) into the hustle and bustle of the Industrial Park, and in doing so, theychr("39")ve created more than 650 permanent jobs, turning dreams into reality.