Establishing a steel production complex will be a new industrial area in Azerbaijan, Azerbaijan's Trend news agency reported, quoting Azerbaijani Minister of Industry and Energy Natig Aliyev as saying to media on Thursday.

He said the economy of all countries is based on large strategic enterprises.

"Up till now, Azerbaijan's economy was mainly based on the oil, gas and power industry," he said.

"This has created the conditions for establishing hundreds of small and medium enterprises. One can say that there were no large industrial enterprises with the participation of state and foreign investors in the country," he added.

He noted that Azerbaijan has a good source of raw materials for the steel industry, adding that the country has accumulated experience in steel enterprises and mining plants for many years.

"The development of this field in the country is Azerbaijan's future," the minister said.

Trend reported that Azerbaijani President Ilham Aliyev signed a decree on the establishment of the Azerbaijan steel production complex with state owned shares on April 23.

The steel production complex is a closed joint stock company engaged in the design, construction and management of the complex, covering all stages from iron ore mining to steel production in the city of the Ganja and Dashkesan regions.

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