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Economy Ministry reports significant progress in reconstruction efforts in Garabagh & Eastern Zangezur

27 May 2024 [16:26] - TODAY.AZ
Nazrin Abdul


The Ministry of Economy of Azerbaijan has announced significant progress in the reconstruction and economic revitalization efforts in the liberated Garabagh and Eastern Zangezur regions, Azernews reports.

Rapid measures are being undertaken to reintegrate the economy, laying a robust foundation for business resurgence. One of the key initiatives reported by the Ministry is the establishment of industrial parks in Agdam and the "Araz Valley Economic Zone," aiming to create favorable conditions for entrepreneurs and stimulate business activity. These parks offer various benefits, including minimal rent and state-funded communication and logistics infrastructure development.

The comprehensive infrastructure comprises electricity, natural gas, potable and technical water, high-speed Internet, and transportation networks facilitating domestic and transit cargo movements. Such strategic placement enhances cost efficiency for businesses and streamlines product distribution.

Moreover, the industrial parks provide essential support services such as management consulting, personnel training, and other state assistance measures, setting them apart from similar facilities in other regions. Residents enjoy a package of concessions covering utilities, raw materials, and social welfare.

These concessions include tax exemptions for ten years, VAT and customs duty waivers on imports, subsidized social insurance fees, and financial assistance for communal service expenses. Additionally, entrepreneurs can access concessional loans, state guarantees, and subsidies to boost financial accessibility.

The process for availing these benefits is streamlined through the "Electronic Credit and Guarantee" information system. Furthermore, specialists working in the liberated territories receive additional benefits such as extended leave and salary supplements, promoting human capital development.

Agdam Industrial Park is already making strides, with plans to commence production of construction materials, ventilation and firefighting equipment, metal products, and footwear. Despite its recent inception, Agdam Industrial Park has emerged as the country's second-largest industrial park.

In the "Araz Valley Economic Zone," technical service projects are underway, with future endeavors focused on logistics and equipment ventures. These new industrial parks and the associated incentives are expected to attract substantial investments, driving development and fostering business resurgence in the region.

URL: http://www.today.az/news/business/248871.html

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