Mingachevir Textile LLC<\/a>, 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.<\/p>\nThe 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.<\/p>\n
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.<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t