"RIZ project in Azerbaijan suggests favorable conditions for investors"

The project to establish a regional innovation zone (RIZ) in Azerbaijan provides a number of advantages for investors, including the simplification of customs procedures, exemptions from VAT and customs duties, the introduction of a tax-free zone, the issuing of preferential credits to promote exports, and many others, Azerbaijani Deputy Communications and IT Minister Elmir Velizade said at the Azerbaijan Investors Summit-2011 today.

"The establishment of this zone will increase the total amount of ICT sector revenues in the economy, attract potential investors to the area, create new jobs in the manufacturing process of electronic equipment, increase the imports of modern technology and increase the export potential of Azerbaijan,” he said.

According to preliminary studies, the ICT sector's revenues may exceed the revenues of the oil sector by 2022, and become the locomotive of Azerbaijan's economic development in the future, Azerbaijani Communications and IT Minister Ali Abbasov said earlier.

Proposals for the establishment of the RIZ have been sent for consideration and approval to the relevant structures. One issue that is important for the success of such projects is providing the most favorable conditions for participants. A positive solution to these issues will create suitable conditions for attracting foreign companies and investors, and for the strengthening local companies and the export products that are manufactured in the RIZ.

There are five key directions of the project that will play an important role in its implementation. They include creating a data-center for information resources and rendering information services, developing human resources and small- and medium-sized businesses, attracting investments and developing our export capacity. We hope that the project will contribute to strengthening our country's economic might, and aid our integration into the global economy.


/Trend/