Production of socks with electric heating may start in Azerbaijan

Business Materials 26 December 2018 19:58 (UTC +04:00)

Baku, Azerbaijan, Dec. 26

By Huseyn Veliyev - Trend:

The production of warm socks with electric heating can be launched in the the High-Tech Park of Azerbaijan’s National Academy of Sciences (ANAS), Director of the High-Tech Park Nazim Shukurov told Trend.

Shukurov noted that the initiative is of a local organization willing to obtain a residence in the High-Tech Park.

"Production of warm socks is an innovative project which involves the use of nanotechnology. This product may be necessary for military personnel serving in areas with particularly cold climate, workers in ski resorts, etc," Shukurov said.

The status of resident has been granted to 11 companies that receive full support from the High-Tech Park. The residents receive expert, legal and financial support. In addition, they enjoy tax and customs benefits.

The residents are exempt from tax on income, property, land, VAT and imported equipment.

In the future, it is expected that raw materials imported by the residents won’t be taxed, either, and the products sold by the residents will be exempt from VAT, and this will ensure the competitiveness of their products.


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