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High Tech Park residents will enjoy benefits

25 February 2015 19:10 (UTC+04:00)
High Tech Park residents will enjoy benefits

By Nigar Orujova

Azerbaijan, which has actively sought to limit its reliance on its energy sector for economic growth by diversifying its industries, is looking to unveil a series of benefits to attract residents to its soon-to-be constructed High Technology Park.

Residents of the Park will be exempt from customs duties, a source at the IT-market told Trend.

An application for customs exemptions for residents of the IT-technopark is jointly explored by the Communications and High Technologies Ministry and the Economy and Industry Ministry.

"The efforts of the agencies are focused on identifying optimal options that can be offered to residents of the technology park,” the source said.

These options may include customs benefits on the nomenclature list. In other words, components aimed for the production of export goods will benefit from a custom/tax break.

The Technopark residents have already received tax breaks. Although unconfirmed, it is expected the custom benefits will be granted this year as well.

Application for customs privileges within the Technopark contributes to the development of production, which, in turn, will generate revenue in the state budget.

The IT-Technological Park is under construction in a 50 hectares land area in the Pirallahi district of Baku.

The new facility will be a zone equipped with all necessary infrastructure, logistics and governing entities for conducting research in ICT, telecommunications and space use, energy efficiency, and the development of new and high technologies.

Residents and companies operating in the park will be exempt from the 18 percent VAT on imported infrastructural and technological goods and services.

The High Tech Park is also planned to expand and include Mingachevir plant for the production of computer equipment KUR.

KUR plant, established in 2005, is the only manufacturing company engaged in assembly-line production of computer equipment and electronics in the South Caucasus region.

The plant will be used for the production of high-tech products starting from this year, the source said. Acer for example will bring an investment of about 10 million manats as it looks to develop its presence in Azerbaijan.

The state has implemented a number of measures for the development of its export-oriented economy and its national industrial potential.

These measures include the creation of the High-Tech Park and the State Fund for Development of Information Technologies.

Moreover, the country aims to develop not only hardware goods, but software goods as well. Software development around the world is now a profitable business and there are a number of start-ups in Azerbaijan which carry great potentials.

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Nigar Orujova is AzerNews’s staff journalist, follow her on Twitter: @o_nigar

Follow us on Twitter @AzerNewsAz

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