This is reflected in the Strategic Road Map for the development of heavy industry and machinery in Azerbaijan, published Dec. 20 by the country’s official press.

In accordance with the strategy, in the medium-term it is planned to reduce the import of components for production of agricultural machinery by 65 percent, decrease the share of imported parts for production of drilling rigs to 45 percent, as well as ensure the replacement of 20 percent of the imported iron and steel products with local ones.

Also, in accordance with the Strategic Road Map, it is planned to review the existing legislation to increase the level of use of products of local machinery enterprises, and review the import duties on the imported raw materials, which play an important role in the creation of the final product.

"In addition, it is planned to hold talks with the major exporters of petroleum machinery equipment and products of defense industry to create joint ventures for production of a part of the goods imported into Azerbaijan,” said the document.

Execution of these measures can lead to an increase of 145 million manats in Azerbaijan’s GDP by 2020, as well as the opening of 5,700 new jobs, according to the document.

Implementation of these measures will require investments worth about 330 million manats.