(MENAFN- Trend News Agency)
BAKU, Azerbaijan, May 24. A number of
additional benefits are planned to be applied in industrial parks
created in Azerbaijan's liberated territories (Aghdam industrial
park and Araz Valley Economic Zone industrial park), Chairman of
Azerbaijan's Agency for Development of Economic Zones Elshad
Nuriyev told Trend .
Nuriyev said that according to the order of Azerbaijan's
President Ilham Aliyev dated December 10, 2021 on certain measures
to accelerate economic development in the liberated territories
from Armenian occupation, entrepreneurs who carry out their
activities there will be provided with additional benefits.
“Here we are talking about customs and tax incentives for the
import of materials, benefits related to production activities,
greater access to financial resources and government support. Such
a package of benefits is being prepared and will be submitted to
the Cabinet of Ministers of Azerbaijan Republic for further
consideration,” the chairman said.
“Residents of industrial parks in the liberated territories will
be able to take advantage of both existing benefits and others that
are being developed,' he added.
According to Nuriyev, exemption from income tax and a number of
other incentives contribute to the growth of entrepreneurs'
interest in starting a business on the territory of industrial
'About 104 business entities have received the status of a
resident of industrial zones, 58 of them have already started work.
In addition, they have invested 6.4 billion manat ($3.7 billion) in
industrial zones and created more than 10,000 workplaces,” Nuriyev
“It is planned to invest about 400 million manat ($235.3
million) in industrial zones additionally, and create more than
2,600 new workplaces at the next stage, within the framework of
existing projects,' he added.
Nuriyev also noted that UAE's Expert Services FZE (with capital
from the UAE) is implementing a project to create a heavy equipment
maintenance center on the territory of Aghdam industrial park.
'Today, nine residents are registered in this industrial park.
They are expected to invest more than 50 million manat ($29.4
million) and create more than 1,000 workplaces in accordance with
the business plan of these residents,” he added.
“These entrepreneurs plan to carry out activities for the
production of synthetic carpets, streetlamps, products from
polymers, overalls, assembly of reinforced concrete products,' the
Nuriev also added that a number of goods previously imported to
Azerbaijan are already being produced in the industrial zones of
'Earlier, we imported nitrogen fertilizers, polymers,
ferroalloys, tobacco products, agrochemicals, medical masks,
syringes, textiles and other products. Today, all these goods and
some other products are produced in the Azerbaijani market and
exported abroad,' chairman emphasized.
He also noted that more than 6.5 billion manat ($3.8 billion)
have been produced in the industrial zones of Azerbaijan.
'The export of goods by industrial zones amounted to 2.1 billion
manat ($1.2 billion, about 32 percent of the total volume). The
production and export indicators of industrial zones are growing
annually. Products worth 373 million manat ($219.4 million) were
produced in Azerbaijan's industrial zones in first quarter 2021,
and in the same period 2022 - by 681 million manat ($400.5 million,
an increase of 82.6 percent),” Nuriyev said.
“Exports increased by 2.7 times in the first quarter of 2022
compared to the same period in 2021 and amounted to 318 million
manat ($187.05 million). Products manufactured in industrial zones
are exported to more than 40 countries of the world. The share of
products manufactured in industrial zones in the total volume of
production in Azerbaijan amounted to 14.8 percent, and the share of
exports accounted for 36.3 percent, which exceeds the figure for
the same period in 2021 by 198.1 million manat ($116.5 million),'
- free economic zone
- Aghdam region
- Azerbaijan's liberated territories
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