Azernews.Az

By Aynur Karimova

Foreign companies are showing great interest in Azerbaijan's Sumgayit Chemical Industrial Park.

This was noted during recent meetings with representatives from the SYSCON Company headquartered in the United Arab Emirates, as well as the Chinese Chonqging International Association Company last week at the Sumgayit Chemical Industrial Park's office.

During the meeting, Sumgayit Chemical Industrial Park Deputy Director Zaur Mammadov informed the guests about the park's infrastructure and the significant opportunities for investors.

He said that the registration of the park's residents is carried out under the 'single window' system, which provides the entrepreneurs with an opportunity to organize prompt and satisfactory services.

The first construction phase of the Sumgayit Chemical Industrial Park will be completed by late 2015. It is scheduled to accommodate 35-40 enterprises, which will create 10,000 new jobs in the chemical park. The territory of Sumgayit Chemical Industrial Park will be divided into two parts - the administrative and the social and industrial zones.

Azerbaijan is planning to commission some rigs for the production of polypropylene and high-density polyethylene at the park in 2016-2017.

According to the plan, construction and commissioning of the new plants will take between two and two and a half years. Preparations are underway and equipment parts have already been purchased. The production of high-density polyethylene is also underway.

To increase the investment attractiveness of the park, its residents are exempt from income, land, and property taxes for seven years. Also the equipment and technology used in the park is exempt from value added tax.

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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova

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