BAKU, Azerbaijan, August 9. Business investments in Azerbaijan's industrial parks from 2013 to August 1, 2024, went through the roof, surpassing a whopping 6.8 billion manat ($4.01 billion), Trend reports.
The data from the Economic Zone Development Agency (IZIA) under the country's Ministry of Economy reveals that, thanks to VAT exemptions on imports and customs duties, residents of the industrial parks under IZIA have been able to save a whopping 483 million manat ($284 million) thus far. And that's not all, as they have managed to save an additional 22 million manat ($13 million) just this year.
The good news is that, residents of industrial parks have been in the clear when it comes to property, land, and profit taxes for a solid decade, starting from the day they register. They also get a free pass on paying VAT and customs duties for imported machinery, technological equipment, and devices used for production.
With investment amounts above 7.8 billion manat ($4.59 billion), 150 corporate companies have received resident status as of August 1, according to official records. The industrial zones have attracted above 6,8 billion manat, or approximately $4.01 billion, in investment from entrepreneurs, who have also created over 10,500 permanent jobs.
Further investments of about one billion manat ($588 million) are anticipated for the industrial zones in the subsequent phase, leading to the creation of more than 7,100 new employment opportunities.