Azernews.Az

By Nigar Abbasova

The Azerbaijani Economy Ministry is currently considering issuance of a document of the investment incentives for realization of projects worth over 1.7 billion manats ($ 1.08 billion).

The issue was mulled at the meeting of the Board of the Ministry dedicated to the implementation of the presidential orders.

Under the document of investment incentives, half of the revenue of an individual entrepreneur, profits of legal entity are exempted from income tax for seven years.

The projects are expected to open about 1,200 new work places.

Certain documents for the implementation of different projects worth 193.7 million manats ($ 123.4 million) in the regions of the country have already been presented.

Economy Minister Shahin Mustafayev, addressing the meeting, reminded that President Ilham Aliyev has recently stated that 2016 will be a year of deep economic reforms.

Highlighting the measures realized in this direction, as well as socio-economic indices in the first half of 2016, the minister said that tasks assigned by the president are considered to be a program for strategic development, which will provide for socio-economic development of the country in a difficult external-economic situation.

The meeting participants noted that the policy of industrialization gave an impetus to creation of enterprises engaged in the production of export-oriented goods as well as diversification of non-oil sector of economy.

Azerbaijan has managed to expand the range of industrial production due to creation of new enterprises, which are based on the use of brand-new technologies and best practices in the sphere.

The meeting participants also discussed the issue of state support in the sphere of industry and agriculture.

Development of entrepreneurship in Azerbaijan remains a priority for the authorities. The government has set a goal to attract more investors to its non-oil sector and develop the local production.

The country is working to create a more attractive business environment, and become more alluring for foreign investments, as it aims to reduce its dependence on oil revenues and diversify economy.

Simplification of the licensing procedures has allowed the companies and entrepreneurs to get licenses in a simple way, which in its turn positively affected business environment.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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