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Nazrin Abdul

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Companies from the member countries of the Gulf Cooperation Council (GCC) show great interest in operating in the liberated territories.

Deputy Minister of Economy Anar Akhundov made this statement at the Second Economic Forum of Azerbaijan-GEC countries, held in Baku with the support of the ministry and organized by the Export and Investment Promotion Agency (AZPROMO), Azernews reports.

"Attracting private investments for the development of territories liberated from occupation is one of our main priorities, and favorable conditions for investors have been established in these areas. To enhance the investment attractiveness of the Garabagh and Eastern Zangazur economic regions, we have provided discounts on income, property, and land taxes for a period of 10 years starting from January 1, 2023. Additionally, equipment, technological devices, and raw materials have been exempted from VAT and import duties for the same period. Furthermore, dividend income of legal entities from companies in GCC countries is also a focus, and negotiations are underway with some of these companies regarding their operations in the liberated territories," he noted.

The deputy minister also noted that economic relations between Azerbaijan and the member countries of the Gulf Cooperation Council (GCC) are developing based on mutual interest, creating a foundation for more effective implementation of joint projects.

According to him, from January to August of this year, the value of trade turnover between Azerbaijan and the GCC countries increased by 28% compared to the same period last year. "In particular, our exports doubled during this period. The positive statistical trend between Azerbaijan and the GCC countries extends beyond trade; there has also been a significant increase in mutual direct investments. The expansion of our joint activities in traditional and alternative energy sectors in recent years is a source of satisfaction," he said.

Akhundov also highlighted the rapid development of tourism relations between Azerbaijan and the GCC countries: "This growth is evident in Azerbaijan being recognized as an important tourism destination in the region, with tourists from the GCC viewing our country as an attractive place to visit. The development of tourism infrastructure and the steps taken to promote this sector have led to significant progress, generating great interest from both sides."

He added that the increase in the number of direct flights, the simplification of visa procedures, and the transition to a visa-free regime with some countries have generally boosted the flow of tourists: "The number of tourists coming to Azerbaijan from several GCC countries has increased significantly—by more than 50%."

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Nazrin Abdul is AzerNews’ staff journalist, follow her on Twitter: Nazrin

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