Azerbaijan expands export subsidies

  29 June 2018    Read: 1813
Azerbaijan expands export subsidies

Azerbaijan has expanded the list of products to which export promotion is applied, a source in the government said in a statement, in accordance with the Cabinet of ministers' decision.

Eggs, peeled peanuts, olive oil, fruit wines, including pomegranate wine, except for grape wines, were added to the existing list of goods and products.

To encourage exports of non-oil products, the state returns part of their costs, 3 to 6 percent of the customs value of the goods to exporters.

The approved list includes natural honey, dried fruits, persimmons, pomegranates, flour and confectionery products, canned vegetables, fruits, nuts and hazelnuts, jams, fruit jelly, marmalade, fruit, nut puree and pasta, fruit and vegetable juices, including pomegranate juices, sauces, seasonings, mineral water, carbonated water, soft drinks, cognac, brandy, liquor, Naphtalan ointment, clothes, shoes and other products made of leather, silk fabrics, pile and lint-free carpets, cotton clothing and other woven products.

Since March 1, 2016, additional measures to encourage the export of non-oil products produced in Azerbaijan have been taken. The decree signed by the President of Azerbaijan Ilham Aliyev will be valid until December 31, 2020.

Export promotion is provided by state budget, depending on the types of products, local components used in the process, the specific weight of non-oil products produced in Azerbaijan.

The amount of payment is 3 percent of the customs value of the declared exported goods.

The document on export promotion is issued by the Ministry of Economy within 10 days from the date of the entrepreneur's application. Only representatives of the private sector will be able to obtain the document. However, customs middlemen will not be able to use the export promotion advantage.

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