President: Aluminum production in Azerbaijan should be brought up to 100,000 tons

Aluminum production in Azerbaijan should be brought up to 100,000 tons, President Ilham Aliyev said.

According to Report, he made the remarks at a meeting chaired by him and dedicated to the State Program for the Development of the Mining (Metal Ores) and Metallurgical Industries for 2027-2030.

"Regarding the development of the metallurgical industry: of course, the development of aluminum production is envisaged. Although there were proposals from certain foreign partners, their proposals did not materialize because we strive to implement mechanisms that yield real value for the national economy to the maximum extent. Therefore, I believe that we must develop this crucial industrial domain ourselves, and under the program to be adopted, aluminum production should be brought up to 100,000 tons. The timeline here, as I mentioned, is through the end of 2030. Here, too, several plants will be established, and details on this will now be presented to us," President Ilham Aliyev said.

"I would like to touch upon one more issue. The financial backing of this program is clear, it has been agreed upon with all relevant entities, and we will execute this program in any case. However, if local and foreign investors show interest, their participation at a certain percentage level is also possible. Whether it happens or not, it is fine-we will accomplish this regardless. Nevertheless, I believe that while the sector is indeed capital-intensive, it is highly profitable. Particularly today, the prices of precious metals on world markets are quite high and will likely remain roughly around this level. Therefore, it is both capital-intensive and profitable. Our message to local and foreign investors is that the doors are open. The program will be published, outlining all the work to be carried out. Everyone can familiarize themselves with it. If it generates interest, we can also attract foreign investors," he added.

"In conclusion, what will this yield for us? As I noted, a new and powerful industrial sector will be established. Over 5,000-and perhaps even more-new jobs will be created. The development of liberated Garabagh and East Zangezur, along with the growth of employment there, will proceed at a faster pace. Substantial funds will flow into the state budget in the form of taxes, and a robust export potential will be created. It might be somewhat early to state this now, but the expected annual positive financial impact should exceed one billion manats. I do not wish to cite a final figure, but these are projects that can be measured on a scale of billions of manats."