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First incentive document for strategic investment projects issued 01.03.24

The realization of the renewable energy production project, for which the first incentive document for strategic investment projects was issued, is anticipated to result in an investment of 417 million manats into the national economy and the creation of 45 new employment.

The first investment promotion document in renewable energy production field was issued to "Acva Power Azerbaijan Renewable Energy" LLC within the scope of "Directions of strategic investment projects for which the investment promotion document is to be issued" approved by the Decree of the President of the Republic of Azerbaijan dated February 1, 2024.

The investment promotion document "Production of 240 MW/s renewable electricity (wind energy)" project covers Khizi and Absheron districts. As a result of the realization of the project, approximately 417 million manats will be invested in the national economy, and 45 new jobs will be created.

The investment promotion document was presented to Muhammad Abunayyan, Chairman of the Board of Directors of "ACWA Power", at "Baku SMB House". It was highlighted that particular attention is given to the development of "green economy" in Azerbaijan, and renewable energy projects are of substantial significance in this respect. Declaring 2024 as the "Year of Solidarity for the Green World" in Azerbaijan, holding the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change - COP29 (UNFCCC) in our country this year demonstrate the significance Azerbaijan attaches to the development of the "green economy". "Green economy" and "green innovation" play a significant role in boosting productivity, minimizing operating costs and improving competitiveness of SMBs.

Representatives of "ACWA Power" also got acquainted with the opportunities created for start-ups at "Baku SMB House".

The investment promotion document is a document that enables both legal entities and individual entrepreneurs to receive the benefits listed in the Tax Code of the Republic of Azerbaijan and the Law "On Customs Tariff". Entrepreneurs who have been granted an investment promotion document are exempted from 50 percent of profit or income tax, property and land tax, as well as from VAT and customs duty paid for the import of machinery, hardware and facilities for a period of 7 years. Entrepreneurs are encouraged to apply to the Ministry of Economy, as well as to the service window operating in the SMB houses of the ministry (located in the cities of Baku, Khachmaz and Yevlakh) to obtain an investment promotion document.

Pursuant to the Decree of the President of the Republic of Azerbaijan dated February 1, 2024, it is planned to issue an investment promotion document to strategic investment projects of entrepreneurs in 13 directions. This mechanism grants further opportunities for entrepreneurs to invest more in key strategic areas of the national economy.