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First investment promotion documents of 2024 presented to entrepreneurs 05.02.24

Three projects that have obtained investment promotion documents will be implemented, resulting in the investment of 20.3 million manats in local industry and the creation of almost 60 new workplaces.

Investment promotion documents were presented to 3 entrepreneurs at Baku SMB House. Projects that have received investment promotion documents will be implemented in Gusar, Imishli and Samukh districts, in food production. Investment promotion documents were presented to these following projects: "Production and packaging of fruit juice" of "VVE GROVV" LLC, "Construction of a barley malt production plant applying innovative technology and production of high-quality barley malt raw materials" of "Promalt" LLC, and "Organization of processing of various fruits" of "Fruit Agro" CJSC.

Approximately 20.3 million manats will be invested in local production as a result of the projects with the investment promotion document being implemented, and over 60 new workplaces will be created.

The investment promotion document that secures benefits to legal entities and individual business owners set forth in the Tax Code of the Republic of Azerbaijan and the Law "On Customs Tariff". For a period of seven years, entrepreneurs who have obtained an investment promotion certificate are exempted from profit and 50 % of income tax, property and land taxes, customs duties, and VAT on the import of hardware, technological equipment, and machinery.

Entrepreneurs are encouraged to apply for an investment promotion document to the Ministry of Economy, as well as to the service window operating in the SMB houses of the ministry (located in the cities of Baku, Khachmaz and Yevlakh).

It is worth highlighting that so far investment promotion documents have been issued for 588 projects of entrepreneurs. This mechanism grants business owners further opportunity to allocate more money to investment initiatives, increase output, and export competitive goods.