Azernews.Az

By Amina Nazarli

One more industrial complex will be created in Azerbaijan, with impressive and fruitful economic diversification.

The recent presidential order for provision of funding for the creation of 20-hectare Hajigabul Industrial Complex will promote industrialization and agricultural modernization.

A total of 4 million manats ($2.3 million) is allocated from the Presidential Contingency Fund for the establishment of the complex, which aims to encourage small and medium-sized entrepreneurship.

Industrial districts are considered to be an important element of modern innovative economy. Azerbaijan takes bids to develop non-oil sector and diversify its economy as well as minimize its oil dependence. Further development of non-oil industry in the country is an issue of top priority for the government of the country.

Main objective of the establishment of such parks in the country are the creation of favorable conditions in the country for further development of industrial production, provision of support to entrepreneurs, and increasing employment of population in the sphere.

Encouraging business doing in the country is one of the priorities for the Azerbaijani government, which supports entrepreneurs through creating necessary conditions for the development of a healthy business environment in the country.

Recently, industrial and High Tech parks as well as industrial districts and complexes have been actively created in Azerbaijan.

Moreover, the agro-parks are being created in Samukh, Goranboy, Aghjabadi, Shabran, Salyan, Shamakhi, Fizuli, Jalilabad and Ismayilly regions with the total cost of 76.1 million manats ($44.7 million).

The country also provides favorable conditions for other countries to participate in the industrial parks. Works over the provision of infrastructure in the created industrial parks are currently underway.

Today, the work is underway in Azerbaijan to attract more residents to the Sumgayit Chemical Industrial Park, Balakhani, Garadagh, Mingachevir and Pirallahi industrial parks, Mingachevir High Tech Park, Sumgayit Technologies Park, as well as in Neftchala and Masalli industrial districts.

Residents of Azerbaijan’s industrial parks are exempt from real estate, land, profit taxes, as well as value-added tax on import of equipment for a period of seven years.

--

Amina Nazarli is AzerNews’ staff journalist, follow her on Twitter: @amina_nazarli

Follow us on Twitter @AzerNewsAz