(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 14.​ The first private industrial districts may be established in Azerbaijan, Elchin Kazimov, spokesperson of the Economic Zones Development Agency under the Ministry of Economy, told Trend on the sidelines of the 30th Anniversary Caspian Construction Week.

According to him, there are currently relevant initiatives in Baku and Absheron, and work is being carried out in this direction.

He noted that the Neftchala, Masalli, and Sabirabad state-owned industrial districts, under the agency's jurisdiction, can be privatized.

"Work is also underway in this area. Entrepreneurs can now assume management of these industrial estates. The Economic Zones Development Agency will coordinate the activities of the private industrial estates (analyzing business plans submitted by entrepreneurs seeking to become residents, etc.), and management will be carried out by the initiator.

By obtaining an investment incentive document, they will be able to take advantage of tax and customs benefits provided by the state," Kazimov emphasized.

A private industrial district is a specific area of land, often developed and managed by a private company, that is set up with infrastructure and facilities for industrial, manufacturing, and service businesses. Unlike public industrial parks, which are government-led, these private estates are developed by investors to provide plots, buildings, and sometimes pre-built facilities like "plug and play" workshops for rent to other companies.

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