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SMBDA supported foreign investment in the regions of the country 05.08.20

The discussion was held on the prospects for the development and the possibility of providing additional support to the tobacco companies operating in the village of Sinjan, Oguz region, which used the support and services of the Small and Medium Business Development Agency.

During the discussion with the participation of the Chairman SMBDA Board Orkhan Mamedov, Head of Executive Power of Oguz region Eyvaz Gurbanov, Deputy Director of "Oğuz Aqro Industry" LLC, Namig Aleskerov and the Japanese investor Munechika Tanio

The project is implemented within the "State Program for the Development of Tobacco Production in the Republic of Azerbaijan for 2017-2021." The enterprise, created based on foreign investments, is engaged in the cultivation, supply, and drying of tobacco. Tabak was planted on 210 hectares of land in Oguz, Gabala, and Tovuz regions. In total, 50 fully automated drying chambers for tobacco leaves were imported from Europe. In 2020, it is planned to supply 2,000 tons of wet tobacco and produce about 800 tons of end product.

A Japanese investor has invested $ 2.2 million in the project. Currently, the company employs 150 full-time and over 300 seasonal workers.

SMBDA provided support and services to the enterprise in the areas of coordination with state and private institutions for the creation and expansion of the enterprise and leveraged mechanisms of state support for entrepreneurship. The company was also issued a document on investment promotion, which exempts it from 50% of the income tax, property and land tax, VAT and customs duties on imported equipment and construction for a period of 7 years.

In the coming years, in addition to Oguz, Tovuz and Gabala regions, it is also planned to expand the production and create tobacco farms in Sheki, Zagatala, Gakh, Ismailli, Masalli, and Balakan. In addition, it is planned to conduct joint training with SMBDA to educate tobacco farmers, as well as to organize visits of Japanese investors interested in tourism, agriculture, and various industries.