By Azernews

By Ayya Lmahamad

The overall number of proposals for participation in Karabakh’s restoration has reached 1,200, Azerbaijani Deputy Economy Minister Sahib Mammadov said, Azernews reports per Trend.

He made the remarks at the opening ceremony of the 2nd Rebuild Karabakh 2022, BakuBuild 2022, and Aquatherm Baku 2022 exhibitions.

Noting that 400 proposals out of the total number come to the share of foreign companies, he added that the number of participants in the exhibitions has increased by 10 percent compared to 2021.

“Over 300 companies from 17 countries, including Belarus, Hungary, Georgia, India, Italy, Poland, Kazakhstan, Russia, Romania, Uzbekistan, Sweden, and many others are taking part in the events,” he said.

New package of incentives and support

Sahib Mammadov also stated that a new package of incentives and support is being prepared for entrepreneurs and investors, who are interested in the restoration of Karabakh.

He emphasized that a lot of work is being done in the direction of restoration, development, and reintegration of the Karabakh region. In this regard, the deputy minister stressed that Karabakh has a huge production and industrial potential.

“In Azerbaijan, we have created attractive conditions for foreign investors, who can take part in this work. In Aghdam and Jabrayil, as you know, economic zones have already been created, in which the first residents have registered and started building their enterprises,” he added.

He noted that residents of these economic zones will be able to take advantage of incentives, such as exemption from taxes and fees, including customs and land fees.

Opportunities for SMBs

Speaking at the opening ceremony, Azerbaijani Small and Medium Business Development Agency Board Chairman Orkhan Mammadov stated that great opportunities are being created in Karabakh for entrepreneurs and companies, especially for small and medium-sized businesses.

He noted that the interest in exhibitions is great this year, adding that even more companies and entrepreneurs are participating.

“Under the leadership of President Ilham Aliyev, large-scale restoration work is underway in Karabakh. Of course, this creates more opportunities for entrepreneurs, and companies, in particular for small and medium-sized businesses, to participate in these projects. The state creates all conditions for this,” he said.

Subsidies for livestock businesses

Moreover, speaking at the panel session on "Business in Karabakh and investment opportunities" Agrarian Credit and Development Agency Board Chairman Seymur Movlayev stated that subsidies are provided for livestock businesses in Karabakh.

He noted that entrepreneurs will be provided with state subsidies in the amount of 60 percent to create livestock businesses in the liberated territories. In addition, he added that the state will also provide subsidies to the tune of 40 percent for the purchase of equipment.