The total volume of investments on 15 projects, which have received a relevant promotion document, will be 160 million manats in Azerbaijan, the country's Economy Minister Shahin Mustafayev told reporters June 14 in Baku.

The investment promotion documents were handed to representatives of 15 companies during the conference on "Investment promotion: new approaches and priorities" in Baku.

Mustafayev said the new mechanism exempts the entrepreneurs from land tax and provides them with 50 percent benefit when paying the income tax.

"I want to emphasize that the import of equipment and technologies by entrepreneurs for the implementation of these projects is fully exempt from the value-added tax and customs duties," said the minister. "The implementation of those projects will make it possible to create over 1,400 new jobs."

He pointed out that this mechanism will become a very important factor in ensuring the continuous development of Azerbaijan's economy.