BAKU, Azerbaijan, October 13. A new resident of
Aghdam Industrial Park will implement a flour production project
with an investment of about $7 million.
The project was announced by the Agency for the Development of
Economic Zones under Azerbaijan’s Ministry of Economy.
Aghdam Agro Un LLC has been granted resident status at Aghdam
Industrial Park, which is managed by the agency.
The project envisages flour production and has an investment
value of 12 million manats (about $7 million).
Aghdam Industrial Park was established on a 190-hectare site in
the Aghdam district under a presidential decree dated May 28, 2021.
Its objectives include rebuilding territories liberated from
occupation, developing Karabakh’s industrial potential, supporting
entrepreneurship and increasing employment in manufacturing.
The park’s priority areas include the production of construction
materials; packaging of agricultural products; fruit and vegetable
processing and canning; meat, dairy, feed and fertilizer production
and processing; services; and cold-storage facilities.
The government provides an investment-friendly environment for
businesses operating in the park. Residents are fully exempt from
property, land, income and profit taxes for 10 years. Machinery,
equipment and raw materials imported for production purposes are
also exempt from value-added tax and customs duties for 10 years.
Additional incentives include subsidies for social insurance
contributions.
Aghdam Industrial Park ranks second nationwide by the number of
residents. Products manufactured at the park are supplied to the
domestic market and exported.
The park has granted resident status to 36 businesses and
non-resident status to three. Investors have committed more than
175 million manats (about $103 million) to projects at the park to
date, creating more than 1,000 jobs.
