420 permanent jobs to be created in Araz Valley Economic Zone Industrial Park

It is planned to create more than 420 permanent jobs In Araz Valley Economic Zone, Azernews reports.

According to the Decree of the Head of State dated 4 October 2021, Araz Valley Economic Zone was established in Jabrayil district on an area of 200 hectares.

Chairman of the Agency for Development of Economic Zones Elshad Nuriyev has stated that in the Araz Valley Economic Zone, as well as in other industrial parks operating in Azerbaijan, a favorable business environment for entrepreneurs is being formed, and residents are provided with ready-made infrastructure at the expense of state funds.

In the first stage, a mobile camp was built to ensure the comfort of employees who will work in the park. A sub-artesian well was dug to provide water and electricity to the construction site and a 630 kilovolt transformer station was installed.

Park residents are exempt from VAT and customs duties on property, land, income tax, as well as machinery, technological equipment, and installations imported for production purposes for 10 years from the date of their registration.

"Thanks to the favorable investment environment created, there are currently 5 residents and 1 non-resident working in the Industrial Park. It is planned to invest about AZN33mln ($19,4mln) in the park and create more than 420 permanent jobs.

One of such residents ("Auto Leasing Azerbaijan") has already started its activity. Thus, in June of the current year, the opening ceremony of the enterprise was held with the participation of the President of the Republic of Azerbaijan Ilham Aliyev, and Rustam Minnikhanov, the President of the Republic of Tatarstan.

The Centre provides professional servicing of up to 1,500 vehicles used in our territories liberated from occupation, as well as transit vehicles and other equipment that will carry out cargo transportation," Elshad Nuriyev said.

The Chairman of the Board noted that construction and installation works are currently being carried out by other residents in the Industrial Park. Several enterprises are planned to be put into operation in 2024-2025.

"To date, residents have invested about AZN10mln ($5.9mln) in the Industrial Park. At the same time, the Agency for the Development of Economic Zones is now considering about 5 projects submitted by entrepreneurs for the status of Industrial Park residents.

“In Araz Valley Economic Zone businessmen have the necessary conditions to take advantage of available investment opportunities and implement their projects," the Chairman added.