“Qarabike” LLC has been granted residency status in the Agdam Industrial Park, operated by the Economic Zones Development Agency (IZIA) under Azerbaijan’s Ministry of Economy, Azernews reports citing IZIA.
The company plans to launch a bicycle manufacturing facility with an investment of 8.6 million manats (approximately $5 million). In the initial phase, the enterprise will produce over 44,000 bicycles annually using advanced Chinese technology, with a planned capacity expansion to 70,000 units in the next stage.
With the addition of Qarabike, the number of resident business entities in the Agdam Industrial Park has reached 28, alongside 4 non-resident entrepreneurs. To date, entrepreneurs have invested over 115 million manats (around $67.6 million) into projects within the park, creating more than 650 permanent jobs.
