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In the News

Azerbaijan attracts foreign investments in high-tech park.

Azer News

February 27, 2014

By Nigar Orujova

High-Tech Park of Azerbaijan's ICT Ministry is seeking opportunities to attract major foreign investments in the "Technopark".

Head of High-Tech Park, Seymur Aghayev said in an interview with "The Business Year" that the project is one of the most promising one for the development of Technopark in the next few years.

The project includes preparing ground for a limited list of space renting companies to invest in Azerbaijan.

In addition, a flexible master plan that will satisfy the needs of large tenants is under considerations.

The park, which is under construction, will cover 50 hectares area in the Pirallahi district of Baku. Works are currently underway to build the park, construct the necessary infrastructure, study pertinent international experiences, and address other organizational issues.

The park will play an important role in the sustainable development of economy of the country.

"Our main goal is to create a regional technology park and become one of the best players in this field. Finding competitive innovative solutions and further commercialization of the innovations are the main components of the project. Azerbaijan's economics and leading position in the region as a key player allows it to facilitate commercialization of its inventions," Aghayev said.

The Business Incubation Center of the park has already accepted 20 projects. Once the project reaches the desired stage of development, the next step will be shifting them to the High-Tech Park, which will provide tax and customs privileges to its residents.

"The main aim is to ensure investment in projects. Along with the master development plan, we are creating an infrastructure package for potential investors. During 2014, we are intending to develop an attractive business package for our future investors," he said.

There are no restrictions in reception of the participants in the High-Tech Park. Promising ideas will get adequate support for the further development, regardless of whether they come from the citizens of Azerbaijan or foreign countries, Aghayev noted.

The new facility will be an area with the necessary infrastructure, logistics and governing entities for conducting research in ICT, telecommunications and space use, energy efficiency, and the development of new and high technologies.

Residents and companies operating in the park will be exempt from the 18 percent VAT on imported infrastructural and technological goods and services. The park participants will also be exempt from tax and customs duty for seven years.

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