BAKU, Azerbaijan, November 4. Azerbaijan allocated nearly 26 billion manat (around $15.3 billion) from the state budget in 2020–2026 for the restoration and reconstruction of its liberated territories, Chief of Staff of the Ministry of Economy Elvin Jamalov said.
He made the remarks today while presenting the draft law "On the State Budget of the Republic of Azerbaijan for 2027" for its first reading at a meeting of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship.
According to him, one of the key priorities now is to strengthen the economic foundation of the Great Return program and increase production and employment in the liberated territories.
Jamalov said that 60 business entities have been registered in the Aghdam Industrial Park and the Araz Valley Economic Zone Industrial Park. These parks have so far produced goods worth approximately 3 billion manat (around $1.8 billion).
Overall, more than 1,300 private-sector projects are being implemented in the liberated territories.
The chief of staff of the Ministry of Economy noted that 23 investment documents were signed at the second International Investment Forum held in September this year. The total value of agreements signed at the two investment forums held to date has exceeded $20 billion.
Jamalov said that the main objective of the proposed amendments to the Tax Code submitted to parliament is to support businesses engaged in exports and operating transparently.
According to him, the draft amendments provide for profit and income tax exemptions on revenues generated from local production, exports of services and services provided to foreign nationals in the tourism sector.
The proposals also include additional incentive mechanisms for businesses that grow beyond the micro-enterprise category, as well as small businesses that maintain stable operations.
Furthermore, The chief of staff of the Ministry, Jamalov added that the validity of existing tax exemptions in several sectors, including healthcare and agriculture, is also expected to be extended.
