Prospects for the economic zones of Karabakh

Prospects for the economic zones of Karabakh

19 October 2022 0000

Ilaha Abbaszade, representative of the Agency for the Development of Economic Zones under the Ministry of Economy of Azerbaijan:

We are participating in an international construction exhibition for the first time, and we are very happy with its organisation. I represent the Department for the Support of Residents of the Special Economic Zones of the country.

Our department oversees several economic zones, two of which are located in Karabakh - Aghdam and Jabrayil. We are very pleased that we can talk about these zones within the framework of the “Rebuild Karabakh” exposition, because the development of the territories liberated from Armenian occupation is one of the priorities of the Azerbaijani government. The arrival of construction companies and companies from other spheres in Karabakh is welcomed and is incentivised.

By the end of this year, the development of relevant  territories of economic zones in Aghdam (190 hectares) and Jabrayil regions (about 200 hectares) will be completed, the demining process is nearing its end.

In the near future, several construction companies in this region will be able to start the production of urgently needed goods and materials. It is planned to open a KAMAZ enterprise in the Jabrayil region in the economic zone already in 2022, as well as facilities of a number of Iranian logistics companies and companies of other interested countries.

The spheres of activity of  companies in economic zones can be different, up to applied craftsmanship (carpet weaving in the Jabrayil region).

The conditions for attracting investors to all economic zones are standard - for 10 years they are exempt from income and property taxes,  import of technologies  is exempt from VAT and a number of customs duties.

The Azerbaijani government is interested in the development of the non-oil sector of the economy, in particular, economic zones and industrial parks, for example, in the Nakhchivan Autonomous Republic (Sharur), Sabirabad, Neftchala, Masally, Hajigabul, Garadagh, Sumgayit, Pirallahi and Balakhani.

I strongly believe that the exhibition will arouse great interest among the investors both from Azerbaijan and from foreign countries, and will provide a platform for the necessary discussions.