MP links rise in Nakhchivan industrial enterprises to improved business environment

The increase in the number of industrial enterprises in the Nakhchivan Autonomous Republic is linked to the improvement of the business environment, MP Vugar Bayramov, a member of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship, told Report.

According to him, institutional and personnel reforms carried out in the region in recent years have led to further strengthening of the economy and an increase in the number of new strategic facilities, including industrial enterprises.

"The incentive mechanisms applied in our liberated territories have also been in force in the autonomous republic since this year. Entrepreneurs operating and investing in Nakhchivan are practically exempt from all major taxes. Along with tax benefits, the state also compensates part of social payments. This naturally creates an opportunity for entrepreneurs in Nakhchivan to receive stronger support at the state level," Bayramov said.

He noted that, in this context, the economy in Nakhchivan is already entering a new stage.

"Overall, an increase is being observed in the number of industrial enterprises operating in the autonomous republic. While 109 industrial enterprises operated in Nakhchivan in 2020, this figure has now reached 130. This is directly linked to the improvement of the business environment and the strengthening of state support in this area," the MP added.

"As President Ilham Aliyev noted during his visit to Nakhchivan yesterday, the autonomous republic is of special importance in the region in terms of both energy security and transport and logistics, as an integral part of Azerbaijan," he said.

According to the MP, the volume of cargo transported through Nakhchivan is already increasing. During the current year, 7.140 million tons of cargo were transported through this territory by road.

"After the Zangazur Corridor is put into operation, more cargo will be transported through Nakhchivan, and other regions of Azerbaijan will gain access to both Türkiye and the European market," Bayramov said.

He added that Azerbaijan will be able to export not only traditional products, but also other strategic products, including electricity.

According to the MP, energy consumption is also increasing. Annual electricity consumption currently stands at 147 million kilowatt-hours, while annual natural gas consumption is 127 million cubic meters. Both figures are higher than in previous years.

"This is linked to the growth in the energy demand of industry," Bayramov said.