Entrepreneurs in Azerbaijan received 610 investment incentive documents

The Ministry of Economy of Azerbaijan has issued more than 610 investment incentive documents for various projects, Vusal Bagirov, head of a sector at the ministry's Department of Industry, said at a seminar on the development of the textile industry in Baku, Report informs.

According to him, the issued documents provide for investments totaling over 7.4 billion manats ($4.352 billion) and the creation of over 40,000 jobs.

"The investment incentive mechanism has been in place since 2016. Under it, entrepreneurs receive seven-year tax breaks," the ministry representative added.

Furthermore, he noted that the relevant Cabinet of Ministers decision provides for a VAT exemption on the import of certain fixed assets, machinery, and equipment. Approximately 25% of this list relates to the textile industry.