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$300 million invested in ICT sector in Azerbaijan

03 September 2008 16:43 (UTC +04:00)

Baku. Vugar Mustafayev - APA-Economics. Azerbaijanâ€™s telecommunications sector does not lose its attractiveness and is continuing to take interest of foreign investors, said Ali Abbasov, the Minister of Communications and Information Technology.
â€œAnnual growth rate of the ICT market accounted for 35-37% on average over the past 5 years. More than 200 local and foreign companies have been involved in this sector during this period,â€ he added.
According to him, Azerbaijan has begun to set up regional innovation zones. This project will allow the republic, despite the small size of the market, produce products and services for export of regional importance. This project will also allow simplifying taxation and providing incentives for investment protection.
He added that in total AZN 200 million to AZN 250 million was invested in the ICT sector in Azerbaijan over the past 5 years, the bulk of which was foreign capital.