Azernews.Az

By Nigar Orujova

The High-Tech Park under the Ministry of Communications and Information Technologies will be built over 50 hectares in the Pirallahi district of the Azerbaijani capital Baku, the ICT ministry says.

Currently work is underway to build the park, construct the necessary infrastructure, study pertinent international experience and address other organizational issues.

The High-Tech Park has been registered and the State Committee on Property Issues has approved the bylaws of the company, and meetings have been held with potential foreign investors and companies.

The high-tech park is being created in the country under a decree of the Azerbaijani president enacted on November 5, 2012. The new facility is an area with the 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.

From its commissioning the facility will expand the scope of information and communication technologies, and on the basis of current scientific and technological developments will provide for the creation of a modern complex on carrying out research and IT development.

The high-tech park will also play an important role in sustainable development of the economy and increasing competitiveness.

Furthermore, the park aims to create high-end establishments to further research and development in the new and highly technological sectors in the country.

The project envisages local and foreign ICT companies' involvement. Startups, residents and partner companies will be provided a wide range of business support services, varying from business plan development to local marketing, from sourcing support to investor relations.

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

Moreover, the park participants will be tax and customs duty exempt for seven years.