Yesterday President Ilham Aliyev of Azerbaijan decreed on creating Balakhani Industrial Park (BIP) in Baku.
Under the decree the purpose for creating the park is support to entrepreneurship, introduction of modern technologies and employment development. BIP will specialize on sanitary waste reworking and provision of relevant services under management of OJSC " Clean City" (Tamiz Shahar).
Under the decree the Cabinet of Ministers is charged to transfer 7 hectares of land in 3 months currently occupied by oil and gas producing Administration "Balakhani oil" of State Oil Company of Azerbaijan (SOCAR) to Economic Development Ministry for creating BIP. Economic Development, Finance, Tax Ministries and State Customs Committee have been authorized to prepare proposals on introduction of tax and customs privileges for BIP. By another decree Economic Development Ministry have been allocated AZN 2 million from Reserve fund of President of Azerbaijan in state budget for 2011. The funds are designed for preparation of the land allocated for BIP for use, creation of infrastructure, provision of office, consulting and lab services.
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