“The rules for granting the Investment Promotion Certificate have been revised”
President Ilham Aliyev amended the “Rules for Issuing an Investment Promotion Certificate,” approved by his decree dated January 18, 2016.
Startup.az reports that the head of state signed a new decree in this regard.
According to the decree, from now on, the minimum value of strategic investment projects submitted by residents of industrial parks to obtain an investment promotion certificate must be at least 1 million manat.
In addition, under the decree, investment promotion certificates will be granted for a period of six years starting from January 1, 2023, to legal entities and individual entrepreneurs submitting strategic investment projects in areas defined by the President of the country.
The Ministry of Economy is tasked with resolving issues arising from the decree.
The areas of strategic investment projects eligible for an investment promotion certificate are as follows:
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Production projects based on local raw material resources (metal ore, aluminum, oil, gas, chemicals, construction materials, cotton, and silk cocoons);
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Energy production projects based on renewable energy sources;
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Waste management and recycling projects;
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Seawater desalination projects;
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Projects on the establishment of private industrial parks and production projects implemented by residents of industrial parks;
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Production projects of non-oil/gas industrial enterprises privatized through investment competitions held after January 1, 2023;
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“First in Azerbaijan” projects aimed at establishing economic activities that are organized for the first time in the country, promoting import substitution and increasing the export potential of the non-oil sector;
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Projects for the production of medicines and pharmaceutical products (excluding packaging activities);
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Projects for the repair of railway rolling stock and production of spare parts;
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Projects for the production of military-purpose products.