Azernews.Az

By Sara Israfilbayova

The Neftchala Industrial District, will expanded by 5 hectares and the expansion work has started.

Rovshan Najaf, executive director of Azerbaijan Investment Company (AIC), made the remarks speaking at an expanded meeting of the board of the Azerbaijani Economy Ministry.

“This step was taken considering the interest of entrepreneurs, as well as for the implementation of new projects in the industrial district,” he noted.

He added that six of the nine facilities are already operating in the industrial district, and the total investments there amount to 45.3 million manats.

“In the first quarter of 2018, three more facilities are planned to be commissioned – Azproduct CJSC, the manufacturer of canned and frozen fish, Gilan Pivot LLC, the manufacturer of irrigation systems, and the Azerbaijani-Iranian joint car plant,” he said.

Presently, the territory of the Neftchala Industrial District is 10 hectares.

At present, three industrial zones have been created in Azerbaijan (Neftchala, Hajigabul and Masalli Industrial Zones) and five industrial parks (Sumgait Chemical Industrial Park, Balakhani, Garadagh, Mingachevir and Pirallahi Industrial Parks).

Today, all residents of industrial parks, high-tech parks, agro parks are exempted from property tax, land tax, profit tax and VAT on imported equipment for seven years.

Establishment of Industrial Parks in the country will help to expand the export potential, create import substitutive goods and increase employment, Deputy Economy Minister Niyazi Safarov told Azernews.

Earlier, Deputy Economy Minister Niyazi Safarov told Azernews that Industrial Parks will stimulate development of the country’s non-oil sector and diversify economy.

“In future, these Industrial Parks will assist to improve competitive environment. In enterprises that currently operate and will operate in these industrial parks is planned to produce the most frequently consumed and imported products in the country. Besides the meeting the country’s needs for industrial products, it is expected that in the future these goods will be exported, which in turn will contribute to the balance of the country’s foreign trade,” the minister underlined.

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