17:44 - 8.07.2020

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July 8, Fineko/abc.az. A Japanese investor has invested $2.2 million in a tobacco enterprise in Sinjan village of Oguz district of Azerbaijan.

ABC.AZ was informed at the Agency for the Development of Small & Medium-sized Businesses (KOBIA) that the enterprise has already started the first delivery of products.

Growing, harvesting and drying of tobacco at the enterprise based on foreign investments are carried out in accordance with modern technologies. Currently, the tobacco enterprise employs 26 people.

It is planned to increase the 210 hectare area of the tobacco industry in the Gabala, Oguz and Tovuz districts up to 900 hectares in the coming years, including in the Sheki, Zagatala, Gakh and Balakan districts. The enterprise also received a document on investment promotion, which exempts it from profit tax for 7 years by 50%, property tax, land tax, VAT on imported equipment and customs duties.