BAKU, Azerbaijan, May 23. The Azerbaijani tourist industry is currently undergoing the development of new procedures to attract investment, the State Tourism Agency's Deputy Chairperson Azada Huseynova said, Trend reports.
She made the remark during today's press conference on the accommodation of foreign guests and the presentation of tourism opportunities during COP29 in Baku.
“Actually, existing laws already provide for the promotion of investment in the tourist industry, and the State Tourism Agency is currently taking steps in that direction. Various incentive systems are in place in this domain at the moment. We are also working on enhancements to these systems,” the official pointed out.
To note, in Azerbaijan, investments in fixed capital reached 5.23 billion manat or $3.07 billion, from January through April 2024, marking an 11.8 percent increase compared to the same period in 2023. Tourism accounted for 0.7 percent of this total, equivalent to about 36.61 million manat or $ 21.53 million.
In 2023, investments in fixed capital totaled 20.296 billion manat or $11.9 billion, representing a 9.8 percent increase from the previous year's figure of 2022.
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