BAKU, Azerbaijan, November 13. Work has begun on the application of benefits for residents carrying out production activities in the liberated territories of Azerbaijan, the country's Economy Minister Mikayil Jabbarov said during a discussion of the state budget at today's meeting of the Azerbaijani Parliament, Trend reports.
He also stated that work has begun on amending the Tax Code to exempt imported equipment, technological equipment and installations, raw materials and supplies from VAT and customs duties, business entities from income tax, land, property, and simplified taxation, as well as utility tariffs for entrepreneurs engaged in production activities.
According to the minister, as part of the initiative aimed at increasing entrepreneurs' access to financial resources in the liberated areas, up to 90% of loans to entrepreneurs will be secured by state guarantees, with the remaining 10 percent subsidized.
"To create a favorable business environment for local and foreign investors in these territories, the Aghdam Industrial Park, covering an area of 190 hectares, and the Jabrayil district's industrial park, the "Araz Valley Economic Zone", covering an area of 200 hectares, have been established," Jabbarov stated. "As of today, in the Aghdam Industrial Park, with a total project cost of $104 million, 19 enterprises are registered as residents and six enterprises as non-residents."
"It's planned to create over 1,600 new jobs here. In the "Araz Valley Economic Zone" industrial park, with a total project cost of $19.2 million, five enterprises are registered as residents and one enterprise as a non-resident. It's planned to create more than 420 new jobs in this industrial park," he said.
"Work on electronic cadastral registration and land management on an area of 771,000 hectares was completed in 2022 and the first 10 months of 2023 in the Zangilan, Gubadli, Jabrayil, Lachin, Kalbajar, Aghdam, and Fuzuli districts, as well as soil research on an area of 594,000 hectares and geobotanical studies on an area of 424,000 hectares. The relevant data has been incorporated into the electronic land cadastre registration system," the minister reminded.
"These activities are of great importance for the effective management and use of land resources in these territories, the efficient realization of development potential, and the increase in agricultural productivity," he emphasized.
The Aghdam and "Araz Valley Economic Zone" Industrial Parks were established by the decrees of the President of the Republic of Azerbaijan Ilham Aliyev dated May 28, 2021, and October 4, 2021, respectively.
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