Azerbaijan Business Center in Astrakhan to get tax preferences
By Rashid Shirinov
The project of construction of Azerbaijan Business Center in the Russian city of Astrakhan has received the status of an especially important investment project, TASS reported on March 12, citing the regional ministry of economic development.
The status gives a number of preferences, including the right to a reduced rate of income tax and tax on the property of organizations. Along with the Azerbaijani project, ten other projects received this status.
“As many as 11 investment projects in the Astrakhan region with a total investment of about 27 billion rubles ($474 million) were awarded the status of ‘a particularly important investment project.’ Last year, they included, in particular, the construction of Azerbaijan Business Center in Astrakhan with an investment of more than 200 million rubles ($3.51 million),” the head of the regional economic development ministry Alexei Popov said at the ministry’s board meeting.
The agreement on the construction of the Azerbaijan Business Center in Astrakhan was signed in the framework of the 7th Azerbaijan-Russia Interregional Forum held in Baku in November 2016. The center’s groundbreaking ceremony was held in December 2016. The facility will be opened in April 2018.
Meanwhile, construction of the Astrakhan Business Center has begun in Baku. The joint work of the two facilities is aimed to expand trade and economic and transport and logistics relations between the Russian region and Azerbaijan. Businessmen from other regions of Russia will also be able to make use of the business platforms.
Azerbaijan is one of the main economic partners of Russia among the CIS countries. The trade turnover between two countries amounted to $2.14 billion in 2017. This kind of cooperation plays an important role in the development of Russian-Azerbaijani trade and economic relations and in the increase of the trade turnover.
At present, enterprises of more than 70 regions of Russia cooperate directly with Azerbaijan. Fifteen regions of Russia have relevant agreements with Azerbaijan on trade and economic, scientific, technical and cultural cooperation.
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Rashid Shirinov is AzerNews’ staff journalist, follow him on Twitter: @RashidShirinov
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