New vegetable oil production facility to be established in Aghdam

A new vegetable oil production facility will be established at the Aghdam Industrial Park, the Economic Zones Development Agency under Azerbaijan's Ministry of Economy told Report.

Aghdam Agro Oil LLC has been granted resident status at the Aghdam Industrial Park.

The company plans to establish an oil production facility at the park with an investment value of 14.2 million manats ($8.35 million). The project will include the production of refined and unrefined sunflower, corn, soybean and cottonseed oils.

The Aghdam Industrial Park was established in the Aghdam district on a 190-hectare site under a presidential decree dated May 28, 2021. The park aims to support the reconstruction of liberated territories, develop Karabakh's industrial potential, support entrepreneurship and increase employment in the production sector.

The park's priority areas include the production of construction materials, agricultural product packaging, fruit and vegetable preserves, meat, dairy products, animal feed and fertilizers, as well as processing, services and cold storage facilities.

The government has created favorable investment conditions for businesses operating at the park. Residents are fully exempt from property, land, income and profit taxes for 10 years. Machinery, equipment and raw materials imported for production purposes are also exempt from VAT and customs duties for 10 years.

Additional incentives, including subsidies for social insurance contributions, are also available to entrepreneurs. The industrial park, which ranks second nationwide by the number of residents, supplies its products to the domestic market as well as export markets.