The Ministry of Economy presented documents to 15 entrepreneurs about investment promotion for the first time on June 14.
Through these projects production will be invested over 160 million AZN and about 1,400 jobs will be opened, Turan was told in the Ministry.
Among the companies that received the documents on investment promotion there are Matanat A, Shamkir Agropark and Buta Group.
According to the rules, one of the conditions for the receipt of the document about investment promotion is to invest 10% of the total investment in the project.
According to the rules accepted this year, subjects of business, who receives a document on investment promotion, will receive tax breaks by paying only 50% of the profits for seven years. Investors will also be exempted from VAT on imports of machinery, technical equipment and facilities and from property and land taxes during this time. - 08D--
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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