Azerbaijan's exporters receive subsidies worth over 2M manats in 2018
Baku, Azerbaijan, July 2
By Anvar Mammadov – Trend:
Since the beginning of 2018, 2.185 million manats have been returned to Azerbaijan's exporters through a mechanism of returning some costs during the export of non-oil products, Acting Chairman of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) Yusif Abdullayev said.
He made the remarks at the meeting of the Club of Exporters in Baku July 2.
Abdullayev added that the products worth $29.495 million were exported.
"It is gratifying that this is almost equal to the amount exported as part of product promotion for the entire 2017,” he said. “In total, since the beginning of using the export promotion mechanism [end of 2016], 5.3 million manats have been paid to entrepreneurs.”
Since March 1, 2016, additional measures of encouraging the export of non-oil products produced in Azerbaijan have come into effect. The decree, which will be valid until December 31, 2020, was signed by Azerbaijani President Ilham Aliyev.
According to the decree, export promotion is envisaged through the state budget funds, depending on the types of exported products, local components used in the production process, the specific weight of the value of non-oil products produced in Azerbaijan.
The main amount of payments for export promotion is 3 percent of the customs value of the declared exported goods.
The document on export promotion is issued by the country’s Ministry of Economy within 10 days from the date of the entrepreneur's application. Only representatives of the private sector will be able to obtain the document. However, customs brokers will be unable to use the export promotion mechanism.
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