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15 Projects Awarded Investment Promotion Document

A conference entitled "Investment promotion: new approaches and priorities" organized by the Azerbaijani Economy Ministry was held in Baku on June 14. 

Attended by some 200 representatives of the economic, industrial structures, enterprises, governmental bodies and trade chambers, the event was addressed by Economy Minister Shahin Mustafayev and others, who spoke of the improving business environment in the country.

The total volume of investments for 15 projects which hold the document of the investment incentives will amount to 160 million manats ($105.8 million), Mustafayev said addressing the audience.

Mustafayev mentioned that the new mechanism exempts entrepreneurs from land taxes and grants discounts at the rate of 50 percent in the cases of income tax payments.

"I want to underline that the import of equipment and technologies for the implementation of the projects is exempt from value added tax," he added.

Realization of projects will give a stimulus for the creation of more than 1,400 new work places.

The minister expressed his confidence in the fact that the mechanism will play an important role for the provision of sustainable development of the country's economy.

Projects which have received the document of the investment incentives will be implemented in different spheres including the production of hydrate of lime, creation of hothouse complexes, and production of packaging materials.

Source: AzerNews

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