Azerbaijan invests billions of manats to open new jobs - minister

Mon 18 Feb 2019 08:21 GMT | 12:21 Local Time

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Since 2016, 345 projects worth a total of 3 billion manats have received investment promotion documents in Azerbaijan, Economy Minister Shahin Mustafayev said at the forum “Taxes, Transparency and Development” in Baku, Trend reports Feb. 18.

He said that these projects will create over 22,000 new jobs.

The mechanism of investment promotion contributed to a serious increase in private investments in the non-oil sector of the country, he noted.

“As a result of the targeted measures, the share of the private sector in Azerbaijan’s GDP reached 84 percent and the employment share reached 76 percent in 2018,” Mustafayev said.

New solutions for the development of the private sector, implemented since 2015, from the point of view of sustainable development of the economy are of a strategic nature and characterize a new era of entrepreneurship development, the minister noted.

“In line with the instructions by Azerbaijani President Ilham Aliyev, inspections in the field of entrepreneurship were suspended until 2021, the number of licensed types of business activities was reduced, procedures were simplified and duties were substantially reduced,” the minister added.

“In addition, reforms in tax, customs and social systems were initiated, credit bureau and the register of movable property were created, the Entrepreneurship Development Fund was established, and the annual interest rate on the fund’s loans was reduced to 5 percent.”

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