BAKU, Azerbaijan, October 2. A new resident at the Aghdam Industrial Park is implementing a project to produce vegetable oils.
This was reported by the Agency for the Development of Economic Zones under the Ministry of Economy of Azerbaijan.
Ağdam Agro Yağ LLC has been granted resident status at the Aghdam Industrial Park, which is managed by the Agency for the Development of Economic Zones under the Ministry of Economy.
The company plans to establish a vegetable oil production facility within the park with an investment value of 14.2 million manat ($8.3 million). The project involves the production of refined and unrefined sunflower, corn, soybean, and cottonseed oils.
Meanwhile, the Aghdam Industrial Park was established in the
Aghdam District on a 190-hectare site pursuant to a decree issued
by the head of state on May 28, 2021. The park’s objectives are to
rehabilitate territories liberated from occupation, develop
Karabakh’s industrial potential, support entrepreneurship, and
increase employment in the manufacturing sector.
The industrial park’s priority areas of activity include the
production of construction materials, the packaging of agricultural
products, the production and processing of canned fruits and
vegetables, meat, milk, animal feed, and fertilizers, the
development of the service sector, and the construction of cold
storage facilities.
To foster entrepreneurial activity in the Aghdam Industrial Park,
the government has created a favorable investment climate. Park
residents are fully exempt from property, land, income, and profit
taxes for a period of 10 years. In addition, machinery, equipment,
and raw materials imported for production purposes are exempt from
VAT and customs duties for a period of 10 years. Along with this,
entrepreneurs are eligible for subsidies for social insurance
contributions and other incentive measures.
The industrial park, which ranks second in the country in terms of
the number of residents, focuses its production on both meeting
domestic demand and exporting.
