Mingachevir Industrial Park

Mingachevir Industrial Park (MIP) was established in 2015 by Decree No. 1077 of the President of the Republic of Azerbaijan. The park is located in the north of the country, close to the Russian and Georgian borders. The town of Mingachevir is the fourth largest in Azerbaijan.

MIP is 300 km north-west of the capital city Baku. The proximity to the Baku-Gazakh highway facilitates access to European markets via Georgia. The Ganja International Airport is 86 km away, and the Yevlakh Railway Station is 32 km away.

MIP currently hosts one tenant, Mingachevir Textile LLC, which produces cotton yarn. The two factories have an annual production capacity of 20,000 tons of yarn. The equipment was brought in from leading companies in Germany, Switzerland, Spain, and Japan. More than 700 permanent jobs have been created in the factories.

The residents of industrial parks are exempt from property, land, and profit taxes for 10 years from the date of their registration. They are also free from paying value-added tax (VAT) and customs duties for machinery, technological equipment, and facilities imported for production purposes, for 10 and 7 years, respectively, since being granted residency status.

The establishment of MIP is a significant step in the development of non-oil based industries in Azerbaijan. The park provides a favorable environment for businesses to operate, and the tax incentives make it an attractive investment destination. MIP is expected to create more jobs and contribute to the economic growth of the country.