According to the Decree of President Ilham Aliyev, on the basis of Sumgayit Chemical Industrial Park LLC under the Ministry of Economy, a legal public entity Agency for the Development of Economic Zones under the Ministry of Economy was created.

Head of the Department of the Center for Analysis of Economic Reforms and Communication Ayaz Museyibov notes that in world practice, such an approach to the management of economic zones is considered acceptable. He also said, “Establishment of the Agency for the Development of Economic Zones under the Ministry of Economy is important to further improve the management and control mechanisms in the field of existing industrial parks, industrial districts, and agro-parks in the country, as well as to increase the effectiveness of measures in this area, and to ensure closer coordination and systematization. Following the advanced corporate governance standards, there will be former the Supervisory Board and the Management Board consisting of representatives of the relevant government agencies of the Agency”.

At the same time, the establishment of the Agency will lead to the formation of a new regulatory and management framework for improving the management of parks, industrial areas, and agro-parks. Thus, the Decree envisages the preparation of proposals on the assessment of activities of economic entities and increase of their efficiency. The organization of the work in industrial parks, industrial districts and agro-parks within an efficient and new regulatory and management framework will positively facilitate the flow of investment into the country, the expansion of exports, and job creation. The new reform measure is also important in terms of transferring the technologies of the 4th Industrial Revolution to the country. Particularly, the newly created Agency and the existing legislation will play a significant role in the application of bio, physical and digital technologies.

It should also be mentioned that the development of the discussed sphere, which is considered as one of the drivers of the economy, has always been in the spotlight. Favorable conditions were created in the industrial parks for the development of entrepreneurial activity. Also, incentive measures are being applied for residents. Thus, starting from the date of their registration, residents are exempt from property tax, land tax, income or profit tax, and VAT on import of machinery, technological equipment and facilities imported for production purposes for 10 years, and customs duties for 7 years. Besides, modern infrastructure is being created in industrial parks at the expense of state funds. It is also ensured that entrepreneurs direct their funds for investments. As a result of appropriate assistance, 3.5 billion US dollars have been invested in the industrial parks up to now. Also, the sales made so far have amounted to 3.3 billion manat, and 25 percent of products have been exported.