The private sector plays a crucial role in diversifying the economy, Azerbaijan's Deputy Minister of Economy Anar Akhundov said at a joint meeting of the Milli Majlis committees on Natural Resources, Energy and Ecology; Labour and Social Policy; Healthcare; and International Relations and Interparliamentary Ties.
According to Report, he noted that state support mechanisms are being expanded and entrepreneurs are being given easier access to financial resources.
"Under the investment promotion mechanism, entrepreneurs imported modern machinery and equipment worth $1.45 billion and received more than $350 million in tax and customs duty incentives on these imports. Approximately two-thirds of the projects granted preferential certificates are in the industrial sector, while one-third are in agriculture," he said.
The deputy minister also noted that industrial zones have sold products worth 22.6 billion manats ($13.3 billion) to date, of which 7.1 billion manats ($4.2 billion) worth were exported.
"Entrepreneurs have invested nearly 7.3 billion manats ($4.3 billion) in these zones and created 11,800 permanent jobs. In the first nine months of this year alone, another 29 enterprises were granted resident status in industrial zones," he added.