BAKU, Azerbaijan, October 13. A new resident of Aghdam Industrial Park will implement a flour production project with an investment of about $7 million.
The project was announced by the Agency for the Development of Economic Zones under Azerbaijan’s Ministry of Economy.
Aghdam Agro Un LLC has been granted resident status at Aghdam Industrial Park, which is managed by the agency.
The project envisages flour production and has an investment value of 12 million manats (about $7 million).
Aghdam Industrial Park was established on a 190-hectare site in the Aghdam district under a presidential decree dated May 28, 2021. Its objectives include rebuilding territories liberated from occupation, developing Karabakh’s industrial potential, supporting entrepreneurship and increasing employment in manufacturing.
The park’s priority areas include the production of construction materials; packaging of agricultural products; fruit and vegetable processing and canning; meat, dairy, feed and fertilizer production and processing; services; and cold-storage facilities.
The government provides an investment-friendly environment for businesses operating in the park. Residents are fully exempt from property, land, income and profit taxes for 10 years. Machinery, equipment and raw materials imported for production purposes are also exempt from value-added tax and customs duties for 10 years. Additional incentives include subsidies for social insurance contributions.
Aghdam Industrial Park ranks second nationwide by the number of residents. Products manufactured at the park are supplied to the domestic market and exported.
The park has granted resident status to 36 businesses and non-resident status to three. Investors have committed more than 175 million manats (about $103 million) to projects at the park to date, creating more than 1,000 jobs.
