The first tenant of the “Araz Valley Economic Zone” Industrial Park in Azerbaijan officially began its operations in the country’s liberated territories last week.
The inauguration ceremony was attended by Azerbaijan’s President Ilham Aliyev and the President of the Republic of Tatarstan, Russia, Rustam Minnikhanov, on June 17, according to President.Az.
“Auto Leasing Azerbaijan,” situated on a 3-hectare plot of land, received an investment of $5.5 million out of a total of $6 million, with the remaining funds allocated for future expansion. This state-of-the-art facility will provide professional technical services to over 1,500 trucks, agricultural machinery, and transit vehicles used in the reconstruction of Azerbaijan’s liberated lands.
The facility includes a technical service block, a repair workshop, a waiting room, a classroom, a warehouse, a portal-type car wash, and service rooms. Additionally, a hotel, a spare parts store, and other service areas have been opened at the “Auto Leasing Azerbaijan” service center. Furthermore, mobile repair and technical service teams will be deployed in the one-stop-shop facility, allowing for immediate and timely on-site servicing of all equipment used in the liberated territories.
The foundation stone for the “Araz Valley Economic Zone” Industrial Park was laid in the Jabrayil District of the East Zangezur Economic Region in October 2021, covering a 200-hectare area. The establishment of the park in a strategically advantageous location with excellent logistical possibilities is a major factor attracting investments. The park is situated along newly constructed highways and railways which will facilitate cargo transportation between Azerbaijan and Türkiye.
Residents of the “Araz Valley Economic Zone” Industrial Park are reportedly exempt from property tax, land tax, income or profit tax, value-added tax, and customs duties on the import of machinery, technological equipment, and production facilities. This exemption is valid for a period of 10 years from the date of registration as a resident.
Upon completion, the park will include agricultural processing, industrial, social, and technical zones, as well as logistics and trade centers, warehouse complexes, wholesale and retail facilities, customs checkpoints, and filling stations, among others. Resident enterprises will have favorable conditions for manufacturing construction materials, packaging agricultural products, and producing canned fruits and vegetables, wine, meat, silk, and other goods.