Japanese investor put $ 2.2 mln. into tobacco enterprise of Azerbaijan
- 08 July 2020
The investment amounting to $ 2.2 mln. has been made by the Japanese investor into the tobacco drying enterprise functioning in Sinjan village of Azerbaijan’s Oghuz region, the Small and Medium Business Development Agency (SMEDA) told "APA-Economics".
The procurement of the first raw product has already been launched by the enterprise. The growing, procurement and drying of tobacco is implemented according to the up-to-date technologies at this enterprise established on the basis of the foreign investment.
Currently, 26 people have been provided with job in the enterprise.
It has been envisaged to bring up to 900 hectares the existing tobacco growing farm with an area of 210 hectares situated in Gabala, Oghuz and Tovuz regions and owned by the enterprise taking into account the new sowing areas in Sheki, Zagatala, Gakh and Balaken regions in the upcoming years.
Note that the support and the assistance have been provided by the SMEDA to the investor in the area of establishment of the enterprise in Oghuz region and expansion of its activity, coordination with public and private institutions, and use of the mechanism of the state support to entrepreneurship. The enterprise has also been given the investment promotion document which exempts the enterprise from 50% of profit tax, property and land taxes, VAT for the imported equipment and plants and customs duties for the period of 7 years.