“Azerbaijan Industrial Corporation” Open Joint-Stock Company was established in accordance with the Decree of the President of the Republic of Azerbaijan of 06 November 2017. Objectives of the establishment of “Azerbaijan Industrial Corporation” Open Joint-Stock Company: 1. to raise the effectiveness in the management of government properties 2. to establish advantageous cooperative relations among state-owned entities 3. to achieve increase in production potential on value chains 4. to increase the volume of industrial production 5. to increase the rate of growth of non-oil sector 6. to realize such major issues as elimination of unemployment by opening new job places in regions and whole republic, provision of improvement of population's welfare.