Twelve more entrepreneurs have received investment promotion documents worth a total of 106 million manats for their projects. The documents were handed to the entrepreneurs during the event organized by Azerbaijan’s Economy Ministry on July 29.
Azerbaijan’s Deputy Economy Minister Niyazi Safarov said that despite the difficult economic situation in the world, Azerbaijan took systematic measures to develop entrepreneurship in the country.
“In total, to date, 30 entrepreneurs have received an investment promotion document and the total volume of investments under those documents neared 300 million manats”, he said. “It is planned to create around 2,700 jobs by using these investments. Investment projects cover seven economic regions of Azerbaijan”.
The new mechanism exempts entrepreneurs from land taxes and provides them with 50% benefit when paying the income tax. The import of equipment and technologies by entrepreneurs for the implementation of these projects is fully exempt from the value-added tax and customs duties.
Safarov also emphasized the growing interest in industrial parks and districts, the development of which is one of the priorities for Azerbaijan.
“To date, 33 projects with the total cost of over 31 million manats have been proposed for Masalli industrial district. This is while residents have been selected for Neftchala industrial district under four out of eight proposed projects”, the deputy minister added.
“Moreover, Sumgait Chemical Industrial Park, Balakhani and Gardagh industrial parks have already started operating”, said Safarov, adding that work was underway to organize the Mingachevir industrial district. (Trend/Business World Magazine)
