BAKU, Azerbaijan, November 4. Azerbaijan
allocated nearly 26 billion manat (around $15.3 billion) from the
state budget in 2020–2026 for the restoration and reconstruction of
its liberated territories, Chief of Staff of the Ministry of
Economy Elvin Jamalov said.


He made the remarks today while presenting the draft law "On the
State Budget of the Republic of Azerbaijan for 2027" for its first
reading at a meeting of the Parliamentary Committee on Economic
Policy, Industry and Entrepreneurship.


According to him, one of the key priorities now is to strengthen
the economic foundation of the Great Return program and increase
production and employment in the liberated territories.


Jamalov said that 60 business entities have been registered in
the Aghdam Industrial Park and the Araz Valley Economic Zone
Industrial Park. These parks have so far produced goods worth
approximately 3 billion manat (around $1.8 billion).


Overall, more than 1,300 private-sector projects are being
implemented in the liberated territories.


The chief of staff of the Ministry of Economy noted that 23
investment documents were signed at the second International
Investment Forum held in September this year. The total value of
agreements signed at the two investment forums held to date has
exceeded $20 billion.







Jamalov said that the main objective of the proposed amendments
to the Tax Code submitted to parliament is to support businesses
engaged in exports and operating transparently.


According to him, the draft amendments provide for profit and
income tax exemptions on revenues generated from local production,
exports of services and services provided to foreign nationals in
the tourism sector.


The proposals also include additional incentive mechanisms for
businesses that grow beyond the micro-enterprise category, as well
as small businesses that maintain stable operations.


Furthermore, The chief of staff of the Ministry, Jamalov added
that the validity of existing tax exemptions in several sectors,
including healthcare and agriculture, is also expected to be
extended.