Sumgayit: Within the framework of today’s event, Azerbaijan and Russia have signed a memorandum of intent to implement joint projects in the Sumgayit Chemical Industrial Park. Deputy Prime Minister Shahin Mustafayev announced the agreement during his speech at a meeting of the Azerbaijan-Russia Business Council.
According to Azeri-Press News Agency, the memorandum outlines the creation of modern and high-tech production facilities. Mustafayev emphasized the establishment of a joint service center in the liberated territories, including the Araz Valley Economic Zone and the industrial park, as being of significant importance.
Mustafayev also extended an invitation to Russian companies to engage more actively in investment projects within the liberated territories. A special tax regime is in place in these areas for a period of 10 years, offering exemptions from profit, property, land, and simplified taxes, as well as exemptions from VAT and customs duties on imported equipment, machinery, and raw materials. Additionally, benefits on mandatory social insurance are provided.
Azerbaijan’s industrial zones are pivotal in enhancing industrial cooperation. Joint enterprises, with Russian participation, are already operating successfully, particularly in the production of construction materials and the pharmaceutical sector.