Azerbaijan has successfully implemented large-scale investment projects in various sectors of the economy together with international partners, Deputy Minister of Economy Anar Akhundov said during his speech at the Azerbaijan-Laos Investment and Business Forum held in Baku, APA-Economics reports.
"The success of these projects accelerates the implementation of new projects. Lao companies are also invited to take advantage of these opportunities.
Companies create jobs, introduce new technologies, and generate income. A strong private sector means stable employment, an expanding middle class, and the development of all regions. We are confident that partnerships between our business communities will be beneficial for both sides," he noted.
According to him, Azerbaijan's non-oil economy continues to grow: "Currently, private companies account for more than half of the investments made in the non-oil sector. Azerbaijan supports entrepreneurs through concessional financing, credit guarantees, tax and customs incentives, as well as regular dialogue. The state also compensates up to 70% of exporters' transportation and logistics costs, as well as part of their customs clearance expenses.
In the Alat Free Economic Zone, foreign investors benefit from full foreign ownership rights and the ability to freely repatriate profits, without being required to involve a local partner.
Establishing direct contacts between our private sectors is important for identifying specific investment opportunities. Regular contacts between our chambers of commerce will help companies continue implementing their projects."
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