Entrepreneurs obtain 70 investment promotion certificates

By Azernews

By Amina Nazarli

This year some 70 investment promotion certificates were issued to entrepreneurs in Azerbaijan.

Deputy Economy Minister Sevinj Hasanova made the remark during a discussion on the draft state budget and the concept of socio-economic development for 2017 and the next three years in Baku on November 30.

The discussions on the draft state budget began on November 30 at a joint session of Azerbaijan’s parliamentary committees on defense, security and fight against corruption, economic policy, industry and entrepreneurship, agricultural policy, public unions and religious structures, as well as natural resources, energy and ecology.

"The approved projects will allow creation of over 6,000 new jobs. In addition, we have begun to use the mechanisms to promote the brand 'Made in Azerbaijan'," Hasanova said.

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. Import of equipment for the implementation of the projects is also exempt of VAT and customs duties.

Businessmen in Azerbaijan became eligible to get a document of the investment incentives following the approval of amendments proposed to the Tax Code of the country.

Priority areas for the country, which possesses a wide range of investment opportunities, are agriculture, heavy and light industry, alternative energy, tourism, information technologies and construction.

Azerbaijan is keen to penetrate widely in the international commodity markets with its products branded 'Made in Azerbaijan'.

In order to bring the economy to a new level Azerbaijan started promoting the ‘Made in Azerbaijan’ brand in foreign markets.

The presidential decree, dated October 5, approves the form of the report “On the work carried out to encourage the export of non-oil products of Azerbaijani origin” and helps promoting ‘Made in Azerbaijan’ brand in foreign markets.

In order to finance the support of these measures, some 3 million manats (about $1.7 million) were allocated from the Azerbaijani President’s Reserve Fund in the 2016 State Budget.

Speaking about the average annual growth of non-oil industry of Azerbaijan in 2017-2020, Hasanova said that the increase is expected to reach 7.4 percent.

"In the next four years the average annual growth in industrial production in non-oil sector will be 7.4 percent," Hasanova said.

The growth of production in the agricultural sector for the next year is projected at 4.9 percent, and the average annual growth in 2018-2020 will be 4.7 percent, she added. 
 
"Growth in the service sector is projected at 2.2 percent in 2017 and the average annual growth in 2018-2020 at the level of 2.3 percent. The average annual growth in the tourism sector in 2017-2020 is projected at 7.4 percent," the deputy minister said.

She added that growth in the field of information and communication technologies is projected at 6.7 percent in 2017, while in 2018-2020 at 5 percent per annum.