Industrial and agricultural parks open up new opportunities for expanding production in Azerbaijan

Economy Materials 6 August 2019 17:36 (UTC +04:00)

Baku, Azerbaijan, Aug. 6

By Anastasia Savchenko – Trend:

The creation of industrial parks, sites and agricultural parks opens up new great opportunities for establishing innovative enterprises and expanding the production of export-oriented products, Azerbaijani Economy Minister Shahin Mustafayev said, Trend reported on Aug. 6 referring to official media outlets.

“There are five industrial parks in Azerbaijan, namely Sumgait Chemical Industrial Park, Balakhani Industrial Park, Mingachevir Industrial Park, Garadagh Industrial Park and Pirallahi Industrial Park,” he said.

“More than 40 residents were registered there, and 24 of them have already begun production,” Mustafayev added. “Ten more enterprises will begin production this year.”

Tax and customs benefits are applied to residents, which gives a good start for business development. The residents of technology parks are exempted from property tax, land tax and income tax for seven years from the date of registration, and VAT and customs duties on the import of machinery and technological equipment.

In total, more than 11,000 job places have been opened in industrial parks and zones, and 3,000 more job places are expected to be created.

Furthermore, the work is underway to create agricultural parks. Along with addressing the problems with employment in the districts, agricultural parks will play an important role in the production of export-oriented agricultural products.

Some 51 agricultural parks are planned to be created; 22 agricultural parks already operate and 11 more agricultural parks are planned to be commissioned by the end of the year. More than 4,000 new job places are expected to be created as a result of this program.