(MENAFN- AzerNews)
By Ayya Lmahamad
Entrepreneurs in Azerbaijan's industrial zones are exempt from a
number of taxes and customs, Economy Minister Mikayil Jabbarov
said, Azernews reports.
The minister stated that the residents, who benefited from the
concessions in the industrial parks, have saved up over AZN428.6
million ($252.1m).
'A number of tax and customs concessions are being applied for
entrepreneurs in the #industrial zones of our country. Thus, so
far, the residents, who benefited from the concessions in the
industrial parks under the Agency for the Development of Economic
Zones (@economiczones), have saved up more than 428.6 mln. ₼,'
Jabbarov wrote on his official Twitter page.
Azerbaijan has five industrial zones, with the primary goal of
ensuring the long-term development of the non-oil sector, creating
and expanding new production areas in the country through the use
of innovative technologies, and expanding the export map of these
products.
The establishment of industrial parks is one of the areas with
high potential for innovative economic development. Decrees were
signed to establish the Aghdam Industrial Park (May 28, 2021) and
the Araz Valley Economic Zone (October 4, 2021) in Azerbaijan's
liberated territories.
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Ayya Lmahamad is AzerNews' staff journalist, follow her on
Twitter: @AyyaLmahamad
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@AzerNewsAz
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