BAKU, Azerbaijan, December 23. President of the
Republic of Azerbaijan Ilham Aliyev attended the opening of an
office furniture and furniture accessories production facility
owned by Accurate Az LLC in Ballija village of the Khojaly district
on December 23, Trend
reports.


Minister of Economy Mikayil Jabbarov and Ilkin Abushov, founder
of Accurate Az LLC, briefed the head of state on the facility’s
operations.


The facility is equipped with advanced technologies and
equipment from Türkiye, Switzerland, Germany, Italy, China, and
Japan. The enterprise is expected to produce 240,000 units of
office furniture of 20 different types and four million furniture
accessories annually. Of the total output, 60 percent will be
exported, while 40 percent will be supplied to the domestic market.
All stages of office furniture production - from raw materials to
finished products - will be carried out at the facility. The total
value of the project amounts to 20 million manats. A preferential
loan of 7 million manats was provided for its implementation by the
Azerbaijan Business Development Fund under the Ministry of Economy.
The facility has also benefited from concessions and incentives
applied to entrepreneurs operating in the liberated
territories.


The launch of the enterprise is expected to contribute to the
development of the furniture production sector in Garabagh, to the
expansion of local production and export potential, and to
increased employment in the liberated territories. Currently, 80
permanent jobs have been created, with plans to establish up to 450
permanent jobs in subsequent stages.


Ensuring sustainable settlement in the liberated territories,
stimulating private initiative, attracting investment, and creating
a favorable business environment have been defined as key strategic
priorities of the state. To this end, legal entities and
individuals operating in these territories are exempt from profit,
income, property, land, and simplified taxes for a period of 10
years starting from January 1, 2023. In addition, equipment,
technological devices, installations, raw materials, and materials
imported by residents of these territories for economic activities
are exempt from VAT and customs duties for the same period. These
measures are aimed at fostering entrepreneurship, advancing
industrial development, strengthening the economy, and increasing
employment opportunities.


Will be updated