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Funding approved for 2nd Baku Shopping Festival

29 September 2017 10:40 (UTC+04:00)
Funding approved for 2nd Baku Shopping Festival

By Laman Ismayilova

Azerbaijan's President Ilham Aliyev has signed an order to provide funding for organizing a shopping festival in Baku.

Under the presidential order, one million manats are allocated from the Presidential Contingency fund to the Ministry of Culture and Tourism for holding the shopping festival.

The festival, aimed at developing tourism in Azerbaijan will take place from October 15 to November 15.

The first Festival was held between April 10 and May 10, where besides discounted shopping, there were other activities for travelers like music concerts, fashion shows, children’s events and lots more to double the fun.

As many as 205 stores joined the first Baku Shopping Festival, and 172 of them took part in the VAT refund program. Citizens of Azerbaijan and foreign tourists could use the Tax Free system when buying goods worth 100 manats ($58.8) or more.

Some 1.8 million manats ($1.06 million) of VAT were refunded to customers at the Baku Shopping Festival.

The festival brought revenues worth 5.6 million manats ($3.3 million) to the state budget. During the festival period about 260,000 tourists visited Azerbaijan.

The Shopping Festivals are being promoted as tourism products worldwide, thus attracting large number of tourists to the country. Recent years have seen the shopping gaining greater significance in tourism, given its contribution to the retail and tourism sectors of a destination.

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