Azerbaijan allocates nearly $15.3B for restoring liberated territories

Azerbaijan allocated nearly 26 billion manat (around $15.3 billion) from the state budget in 2020–2026 for the restoration and reconstruction of its liberated territories, Chief of Staff of the Ministry of Economy Elvin Jamalov said. He made the remarks while presenting the draft law On the State Budget of the Republic of Azerbaijan for 2027 for its first reading at a meeting of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship.

Jamalov said 60 business entities have been registered in the Aghdam Industrial Park and the Araz Valley Economic Zone Industrial Park, which have so far produced goods worth approximately 3 billion manat (around $1.8 billion). More than 1,300 private-sector projects are being implemented in the liberated territories. Agreements signed at the two investment forums held to date have exceeded $20 billion.

The draft Tax Code amendments submitted to parliament aim to support businesses engaged in exports and operating transparently. They provide profit and income tax exemptions on revenue from local production, service exports and services to foreign nationals in tourism. Incentives are also proposed for businesses that grow beyond the micro-enterprise category, and the validity of existing exemptions in healthcare and agriculture is expected to be extended.