Within the framework of today’s event, the signing of a memorandum of intent on the implementation of joint projects in the territory of the Sumgait Chemical Industrial Park is envisaged, said Deputy Prime Minister Shahin Mustafayev during his speech at a meeting of the Azerbaijan-Russia Business Council, APA-Economics reports.
“This agreement envisages the creation of modern and high-tech production,” Mustafayev added.
He noted that the establishment of a joint service center in the liberated territories, including the Araz Valley Economic Zone and the industrial park, is also of great importance.
“We call on Russian companies to take a more active part in the implementation of investment projects in the liberated territories. A special tax regime is applied in those areas for a period of 10 years. This regime envisages exemption from profit, property, land, and simplified taxes, exemption from VAT and customs duties on the import of equipment, machinery, and raw materials, as well as benefits on mandatory social insurance.
Azerbaijan’s industrial zones play an important role in the development of industrial cooperation. Joint enterprises with the participation of the Russian side are successfully operating there. In particular, cooperation is developing in the production of construction materials and in the pharmaceutical sector.”
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