AZN 12bn allocated for projects in liberated territories, head of organisation says

About 12 billion manats have been allocated from the state budget for the implementation of projects in the territories of Azerbaijan liberated from occupation from 2021 to the present day.

Azernews reports, citing Report, that President of the National Confederation of Entrepreneurs (Employers) Organisations of Azerbaijan (ASK) Mammad Musayev said this at the event “Public-Private Partnership: The Foundation of a Sustainable Economy” in Baku.

According to him, attracting private investment in construction and restoration work in the region is a priority.

“Attracting investment will allow us to develop business activities, introduce sustainable food production systems, and encourage tourism in the liberated territories. A favourable investment climate has been created for enterprises in the region. Residents producing products in the liberated territories do not pay taxes and customs duties when importing machinery and technological equipment, raw materials, and other materials. Entrepreneurs operating here are exempt from paying taxes on profits, land, property, and simplified VAT for 10 years,” Musaev said.

The head of ASK added that to simplify entrepreneurs’ access to financial resources, an electronic platform is being developed to provide a state guarantee for loans and subsidise interest rates.