More projects awarded investment incentives document

The government of Azerbaijan sees new investment incentives scheme as one of effective tools to stipulate business doing in the country and give a push for the development of small and medium entrepreneurship.

Some 19 entrepreneurs in Azerbaijan got a document of investment incentives for implementation of projects worth over 186 million manats ($ 114.2 million). Creation of about 1,000 new work places is envisaged within the framework of these projects.

The documents were presented to entrepreneurs during an event organized by the Economy Ministry of the country.

Azerbaijan's Deputy Economy Minister Niyazi Safarov, addressing the event, said that the ministry has so far presented documents of investment incentives to some 32 entrepreneurs, while the volume of investments on the projects is expected to be more than 300 million manats ($ 184 million).

Investment projects cover seven economic regions of the country, including Absheron, Guba-Khachmaz, Mountain Shirvan, Sheki-Zagatala, Ganja-Gazakh, Aran and Lankatan. Under the document, half of the revenue of an individual entrepreneur, profits of legal entity are exempted from income tax for seven years.

Safarov underlined the importance of investment attraction to priority areas for the provision of sustainable economic development, mentioning that different support mechanisms are currently used in Azerbaijan in this regards.