Azerbaijan Counts Applications To Start Businesses In Liberated Territories (UPDATED)

(MENAFN- Trend News Agency) BAKU, Azerbaijan, February 21. The Ministry of Economy of Azerbaijan has received 1,780 applications from entrepreneurs wishing to launch a business in the country's liberated territories as of February 15, 2024, Director of the Department of Rehabilitation and Development of Territories of the Ministry of Economy Zamin Badirkhanov said, Trend reports.

He made the remark during the conference on "Reconstruction of Water and Wastewater Infrastructure in Karabakh Region".

“Out of 1,780 applications, 497 came from foreign companies, and 1,283 from local companies. Most of the applications were received in connection with participation in tenders,” he noted.

Badirkhanov reminded that about 16 billion manat has been allocated from the state budget for the implementation of several projects covering various spheres for the realization of reconstruction and construction activities in the territories liberated from occupation from 2021 to date.

"In continuation of reforms on the formation of the favorable business environment for local and foreign investors, Aghdam industrial park provided with necessary infrastructure has been established in Aghdam district on the area of 190 ha, industrial park Araz Valley Economic Zone on the area of 200 ha in Jabrayil district. Residents operating in the mentioned industrial parks are exempted from property tax, land tax, profit tax, VAT, and customs duties for imported machinery, technological equipment, and installations for 10 years from the date of registration. Currently, 37 enterprises are registered in the mentioned industrial parks, which, in turn, will create more than 2,400 new jobs. The volume of investments to be invested in these projects is about $153 million," he noted.

According to him, the rehabilitation and reconstruction of several residential areas, including road transportation, energy, communication infrastructure, education, health, culture, and other social facilities have already been completed.

"One of the main objectives of the Ministry of Economy in this direction is to restore economic activity in the region. In this regard, the strategic goal is to take the necessary measures to integrate the region not only into the national economy but also into the external value chain. In this regard, given the rich resource potential of Karabakh, one of the first steps was the involvement of these resources in the economic turnover", Badirkhanov added.

Meanwhile, the conference on "Reconstruction of Water and Wastewater Infrastructure in Karabakh Region" was held, aimed at bringing together stakeholders from Germany and Azerbaijan and finding solutions for effective water supply and wastewater treatment in Western Azerbaijan.

The main topics of the conference were the development of approaches to improve water quality and water treatment for drinking water supply and agriculture in Western Azerbaijan, with a special focus on the environmental problems of transboundary rivers such as the Kur, Araz, and Okhchuchay.

To note, in addition to water supply and wastewater companies, the task force includes environmental consultants and research institutes, as well as experts from related industries such as agriculture, construction, and mining.

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