President of the Republic of Azerbaijan Ilham Aliyev attended the opening of an office furniture and furniture accessories production facility owned by Accurate Az LLC in Ballija village of the Khojaly district on December 23.

Minister of Economy Mikayil Jabbarov and Ilkin Abushov, founder of Accurate Az LLC, briefed the head of state on the facility’s operations.

The facility is equipped with advanced technologies and equipment from Türkiye, Switzerland, Germany, Italy, China, and Japan. The enterprise is expected to produce 240,000 units of office furniture of 20 different types and four million furniture accessories annually. Of the total output, 60 percent will be exported, while 40 percent will be supplied to the domestic market. All stages of office furniture production - from raw materials to finished products - will be carried out at the facility. The total value of the project amounts to 20 million manats. A preferential loan of 7 million manats was provided for its implementation by the Azerbaijan Business Development Fund under the Ministry of Economy. The facility has also benefited from concessions and incentives applied to entrepreneurs operating in the liberated territories.

The launch of the enterprise is expected to contribute to the development of the furniture production sector in Garabagh, to the expansion of local production and export potential, and to increased employment in the liberated territories. Currently, 80 permanent jobs have been created, with plans to establish up to 450 permanent jobs in subsequent stages.

Ensuring sustainable settlement in the liberated territories, stimulating private initiative, attracting investment, and creating a favorable business environment have been defined as key strategic priorities of the state. To this end, legal entities and individuals operating in these territories are exempt from profit, income, property, land, and simplified taxes for a period of 10 years starting from January 1, 2023. In addition, equipment, technological devices, installations, raw materials, and materials imported by residents of these territories for economic activities are exempt from VAT and customs duties for the same period. These measures are aimed at fostering entrepreneurship, advancing industrial development, strengthening the economy, and increasing employment opportunities.