25 residents registered in Azerbaijan’s industrial parks

ku, Azerbaijan, Dec. 6

By Anvar Mammadov – Trend:

Twenty-five residents have already been registered in Azerbaijan’s industrial parks, the country’s Deputy Economy Minister Niyazi Safarov said at an event titled "Opportunities of cooperation between international financial institutions and residents of industrial parks and districts" in Baku on Dec. 6.

He said that some of these residents have already started operating, while others are working on the creation of facilities.

Safarov also reminded that industrial districts, along with industrial parks, are being created in the country.

“The work in the pilot Neftchala industrial district has been completed,” he said. “Construction is underway in the Masalli and Hajigabul industrial districts, and the foundation of the new Sabirabad industrial district has been laid recently.”

Over 200 investment promotion documents have been issued in Azerbaijan since the beginning of the year, he added.

Residents of Azerbaijan’s industrial parks, districts, high technology parks and agricultural parks are exempt from taxes on real estate, land, profits and VAT on equipment imports for seven years.

At present, there are five industrial parks (the Sumgait Chemical Industrial Park, industrial parks in Garadagh, Balakhany, Mingachevir and Pirallakhi settlements), as well as Neftchala, Hajigabul and Masalli industrial districts, in Azerbaijan.

A number of agricultural and high technology parks also operate in Azerbaijan.