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Exporters in Azerbaijan to receive additional benefits

Economy Materials 25 April 2016 15:27 (UTC +04:00)
In Azerbaijan, manufacturers of export-oriented products will receive additional benefits when getting loans
Exporters in Azerbaijan to receive additional benefits

Baku, Azerbaijan, Apr. 25

By Azad Hasanli - Trend:

In Azerbaijan, manufacturers of export-oriented products will receive additional benefits when getting loans, Azerbaijani Minister of Economy Shahin Mustafayev said Apr. 25 at a conference dedicated to the establishment of Entrepreneurs Day.

The work is currently underway to amend Azerbaijan's legislation for that purpose, he said.

Mustafayev went on to add that as a result of measures to develop the business environment, including in the sphere of ensuring transparency and protection of the interests of businessmen, entrepreneurship has become a driving force of Azerbaijan's economy.

After the suspension of entrepreneurial activity inspections [since November 1, 2015] in Azerbaijan for two years only 44 inspections were carried out, including 34 in the first quarter of 2016, Mustafayev said. For comparison: more than 19,000 inspections were carried out in the first quarter of 2015, the minister said.

"An effective system of state support, including application of tax benefits, subsidies, preferential loans for projects, creation of agro-parks, industrial parks and neighborhoods, business incubators, the work on education, organization of business forums and exhibitions, as well as other measures made it possible to increase the share of the private sector in Azerbaijan's GDP to 80 percent and to 74 percent in employment sphere," said Mustafayev.

He said that over the past 10 years, the number of business entities in Azerbaijan grew four times - up to 700,000.

The head of economy ministry said that logistics center is open in Kazakh Aktau city to expand export possibilities of Azerbaijani goods to foreign markets, and the work is underway to establish a similar center in Russia's Yekaterinburg city.

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