New resident of Sumgayit Chemical Industrial Park revealed
By Amina Nazarli
Sumgayit Chemical Industrial Park (SCIP) continues to attract
new players, and Azerbaijan's MST Engineering LLC has entered the
list of the park’s residents.
The company to produce hydraulic trunks and fittings has become the
7th resident of the Park.
Deputy CEO of SCIP Zaur Mammadov said that the products, which the company will manufacture, are widely used in oil and gas, engineering, food and other industries.
He made the remarks during the presentation of the park's new resident MST Engineering.
He noted that about 40 new jobs will be opened in this regard,
adding that the products produced by MST Engineering will be
exported to neighboring countries in the future.
“Currently, Azerbaijan imports the above-mentioned products and in
the future the country will be able to provide both the domestic
market, and to export them to neighboring countries,” said
Mammadov.
At the initial stage, raw material for the production of trunks and fittings will be imported, but after commissioning SOCAR Polymer Plant, it will also be produced within the country.
Deputy Economy Minister Niyazi Safarov, for his part, stated
that the number of residents of the Park will increase soon.
The work on attracting residents to the Chemical Industrial Park
continues and several more companies will receive the status of
resident in the near future, according to the deputy minister.
The Park established in 2011 covers an area of 167.66 hectares and
resides nearby Sumgayit city that is 32.5 km away from Baku. The
Park is able to accommodate 35-40 companies, which provides the
opening of 10,000 new jobs.
The appropriate external and internal infrastructure
(electricity, heating, water supply, communication and other
systems) with offices, training centers, offices, laboratory, etc.
were 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.
To make the Park more attractive for investors 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.
Overall, the Sumgayit Chemical Industrial Park now includes the following residents: Azertexnolayn, SOCAR Polymer, Azerfloat, Azerbaijan Fibro Cement, SIKA company, and Baku Non-Ferrous Metals & Ferroalloys Company.
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Amina Nazarli is AzerNews’ staff journalist, follow her on
Twitter: @amina_nazarli
Follow us on Twitter @AzerNewsAz
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