Azerbaijan's industrial zones produce 1.94 billion manats worth of goods in H1

In the first half of this year, products worth 1.94 billion manats ($1.14 billion) were manufactured in industrial zones managed by the Economic Zones Development Agency under the Economy Ministry of Azerbaijan, Report informs, citing the agency.

This represents a 9.4% increase compared to the same period last year. Out of the total output produced in January-June, goods valued at 554.7 million manats ($326.3 million) were exported.

To encourage investment activity, residents of industrial parks are granted significant tax and customs exemptions for a period of 10 years from their registration date. Specifically, residents are exempt from property, land, and corporate profit taxes, while imports of machinery, technological equipment, and devices for production purposes are exempt from VAT and customs duties for 10 years. These incentives optimize investor expenses, expand production capabilities, and create additional momentum to attract new investments.