High Tech Park of Azerbaijan to start main phase of activity in 2015

Business Materials 6 February 2015 16:45 (UTC +04:00)

Baku, Azerbaijan, Feb.6

By Huseyn Veliyev - Trend:

The number of residents of the High Tech Park of Azerbaijan has already exceeded 20, the Minister of Communications and High Technologies Ali Abbasov told reporters Feb.6.

"The residents received funding from the State Fund for Development of Information Technologies," said the minister. "Some of them are already preparing for the implementation of joint projects with the world's largest companies."

He said that the High Tech Park this year will start the main phase of its activity.

"As for today, the necessary conditions for business development within framework of the technology park have been created," said Abbasov. "The companies represented in the Technopark are exempt from tax and customs duties."

The residents are exempt from the following taxes for a period of seven years: VAT on import of equipment, income, land and property taxes.

Laying of the foundation of the industrial park is planned before the end of 2015.

The Technopark will be built in the Pirallahi district of Baku. Some 50 hectares of land there has been allocated for the construction.

Administrative and residential buildings will be built in Technopark. An incubation center, mini-factories for the production of high-tech products, etc. will be created in the area as well.

The scope of information and communication technologies based on advanced scientific and technological developments will be expanded, creation of modern facilities for research and development of new information technologies will be provided upon the beginning of the Park`s activity. The Park will also play an important role in the sustainable development of economy and competitiveness.

Edited by CN

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