Investment promotion documents worth 1B AZN issued to businessmen [PHOTO]

By Azernews

By Amina Nazarli

Azerbaijani entrepreneurs received the investment promotion documents worth about one billion manats ($560.9 million) during 2016.

Economy Minister Shahin Mustafayev said that these funds were allocated for implementation of 84 projects.

“This will allow us to create more than 6,000 new jobs. Moreover, 50 percent of these investments will be directed to the industrial sector, which is a good momentum for the development of non-oil sector of Azerbaijan's economy," the minister said during an event titled “Development of metallurgical industry: new challenges and goals” in Baku on December 20.

Mustafayev also noted that over the past 11 months the volume of products produced in non-oil industry grew by five percent.

"A major role in the development of non-oil industry plays a creation of technology parks and industrial districts. So the country established Sumgayit, Balakhani, Garadagh, Mingachevir, Pirallahi industrial parks, as well as Neftchala, Masalli and Agstafa industrial districts," he said.

Referring to the creation of the Sumgayit Chemical Industrial Park, the minister said that the park has already registered nine residents.

"There have been realized nine projects, the amount of investments in which exceeds $ 1.1 billion. A number of plants, being constructed under the Park, will become operational in 2017-2018, which means creation of several thousands of jobs," the minister said.

Although the role of the energy sector was leading in the speedy economical development for the past decade, the non-oil sector has become important in Azerbaijan in the general economical growth during last years.

The industry is one of the most developed areas in the country and the government is keen on using the high technology here.

The government takes serious measures and creates a room for new foreign investors as the national economy is open for all investors that will positively impact the country’s economic potential. The government put forward an idea stipulating the development of industrial districts and parks in the country. 

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.

Earlier Deputy Economy Minister Sevinj Hasanova said that this year some 70 investment promotion certificates were issued to entrepreneurs in Azerbaijan.