Azernews.Az

By Amina Nazarli

Azerbaijan's Sumgayit Chemical Industrial Park, established to ensure necessary environment for the development of industrial production, attracts more and more foreign investors.

Deputy Economy Minister Niyazi Safarov has stated that currently companies from Iran, Russia and Germany are interested in becoming residents of the Chemical Industrial Park.

Safarov said that the ministry is considering the issue on these companies' participation in the activity of the Chemical Industrial Park.

"The new residents of the Park will be presented next week," said Safarov.

The area of the Park established in 2011 constitutes 167.66 hectares and resides nearby Sumgait city that is 32.5 km away from Baku. The appropriate external and internal infrastructure (electricity, heating, water supply, communication and other systems) with offices, training centers, offices, laboratory, etc. were be established within the Park to enable profitable activity and development of entrepreneurs and produce competitive products and render services through the application of modern technologies.

Safarov further noted that the negotiations are underway on establishment of a steel production complex here.

The production of admixtures for use in the metallurgy field is one of the major projects to be realized in the Sumgait Chemical Industrial Park, according to Safarov.

"The resident is implementing design works, and the laying of the plant's foundation stone will be held in the near future," he noted adding that these products will be both sold domestically and exported abroad.

The Sumgayit Chemical Industrial Park chooses its residents based on such criteria as the use of innovative technologies, compliance of technologies with environmental standards and the products should be export-oriented and competitive, according to the deputy director.

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

The Azerbaijani government takes serious measures and creates a room for new foreign investors as the national economy is open for all investors that will positively impact the country’s economic potential.

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Amina Nazarli is AzerNews’ staff journalist, follow her on Twitter: @amina_nazarli

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