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Karabakh's economic reintegration to give impetus to national progress

27 October 2021 [15:59] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Economy Minister Mikayil Jabbarov has said that an economic reintegration of Azerbaijan’s liberated territories will give a great impetus to the country’s development.

He made the remarks during the Azerbaijan Investment and Culture Summit, organized by the Small and Medium Business Development Agency and the Islamic Cooperation Youth Forum with the support of the economy and culture ministries held on October 27.

“Economic reintegration of our liberated territories, taking advantage of new international and regional transport and transit corridors will give a great impetus to the country’s development,” he said.

He noted that the Karabakh region has great potential in transport and transit, renewable energy sources, agriculture, mining, and other areas.

During the summit, the minister detailed the favorable investment and business environment created in Azerbaijan, the reconstruction of liberated lands, regional infrastructure projects, and the Alat Free Economic Zone.

He noted that the Azerbaijani government is making all efforts to revive liberated territories and turn the region into a zone of peace and cooperation.

Highlighting the opening of the international airport in Fuzuli, the minister noted the great economic importance of Karabakh's recovery and the opportunities for broad regional integration.

Foreign investments

Jabbarov underlined that Azerbaijan is interested in attracting investments from partner countries to restore Karabakh.

"We continue to attract investors to the restoration work. Besides, foreign businessmen are showing great interest in the free economic zone in Alat," the minister added.

In this context, National Confederation of Organizations of Entrepreneurs President Mammad Musayev has said that Azerbaijani and foreign businessmen are interested in the industry restoration in the Karabakh region.

He emphasized that a number of opportunities were created for local and foreign businessmen to develop entrepreneurship and invest.

Moreover, the Turkish President Administration Head of the office for investment Ahmet Burak Daglioglu has said that Turkey is ready to invest in Azerbaijan’s projects, especially in the Karabakh restoration.

Taxes exemption

Deputy Economy Minister Niyazi Safarov stated that the businessmen in Karabakh will be exempt from certain taxes and fees.

“To revive the economy, we are going to establish production in the mining industry and entrepreneurship - in the format of self-employed citizens. Businessmen will be exempt from certain types of taxes and fees,” the deputy minister said.

He noted that the restoration work of liberated lands is underway within the framework of a public and private partnership. Safarov added that as part of the state program for the liberated territories' restoration until 2025, work will be carried out to establish administrative management, law enforcement, create a telecommunications network, and others.

The event was attended by ministers of the Organization of Islamic Cooperation, representatives of international organizations, businessmen, investors, startups, youth organizations, as well as representatives from more than 20 countries.

The summit will last until October 29.


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