Azerbaijan allocates $7 billion for projects in liberated territories

President of the National Confederation of Entrepreneurs (Employers) Organizations of Azerbaijan (ASK) Mammad Musayev said that since 2021 about AZN 12 billion ($7 billion) has been allocated from the state budget for the implementation of projects in the liberated territories of the country.

Addressing the event "State-business partnership: the basis of sustainable economy" in Baku, Musayev described the attraction of private investments in construction and renovation works in the region as a priority direction, Report informs.

“Attracting investment will help develop entrepreneurial activity, introduce sustainable food production systems, and encourage tourism in the liberated territories. A favorable investment climate has been created for businesses in the region. Residents producing in the liberated territories do not pay taxes and customs duties when importing machinery, technological equipment, raw materials and supplies. Entrepreneurs operating here are exempted from paying taxes on profit, land, property and simplified VAT for 10 years," Musayev said.

The ASK president added that to simplify the access of entrepreneurs to financial resources, an electronic platform is being developed to provide state guarantees for loans and subsidize interest rates.