Pirallahi Industrial Park's investment portfolio exceeds 175M manats

The total investment portfolio of Pirallahi Industrial Park, managed by the Economic Zones Development Agency under Azerbaijan's Ministry of Economy, stands at 175.6 million manats ($103.3 million), the head of the agency's International Cooperation and Public Relations Department, Taleh Guliyev, told Report.

According to him, the main objective of the park is to support the development of the pharmaceutical industry, increase domestic medicine production and reduce dependence on imports.

"At the same time, creating new jobs is also one of the key objectives. Six residents are currently operating in the park. They have invested 111.3 million manats ($65.5 million) in their projects and have provided permanent employment to 215 people to date. So far, they have produced products worth 82.2 million manats ($48.4 million)," Guliyev said.

He noted that industrial parks offer entrepreneurs a broad range of incentives and benefits.

"First of all, residents are provided with ready-made infrastructure created at the expense of the state. In addition, they are exempt from property, land and profit taxes for 10 years from the date of registration. Machinery and equipment imported from abroad for production purposes are also exempt from VAT and customs duties," Guliyev said.