New residents in Azerbaijan’s Balakhani Industrial Park
BAKU, Azerbaijan, Sept. 23
Eight more residents will start to operate in the Balakhani Industrial Park, Trend reports citing the Azerbaijani Ministry of Economy.
Currently, there are 19 residents, 11 of which are already working. Residents have invested over 40 million manat ($23 million) in the park. Taking into account the interests of entrepreneurs, the territory of the park was expanded up to 10.1 hectares.
The residents of the park are exempted from profit tax, land tax and property tax for 10 years. The imported machinery, technological equipment and devices are exempt from VAT for 10 years and from import duty for seven years.
The resident of the park, "AzEkol" Ltd is engaged in the production of plastic shavings as a result of recycling plastic bottles. The annual production capacity is 2,400 tons.
Another resident of the park, Ekokat LLC, is engaged in processing of used engine oils. One million manat ($588,235) was invested in the enterprise, the annual production capacity is 3,000 tons.
While using paper waste, another resident of the industrial park, private entrepreneur Etibar Eminov produces printing products. The total amount of investments is one million manat ($588,235). The annual production capacity is 350 tons.
METAK LLC is engaged in recycling of plastic waste, producing various packaging products from plastic and also recycles waste paper. The investments worth 18.7 million manat ($11 million) were made into the enterprise, the annual production capacity is 12,000 tons of plastic products and 1.1 million pieces of cardboard containers.
"FORIELLA" LLC operates in the field of furniture manufacturing. Investments worth 4 million manat ($2.3 million) were made into the enterprise. The enterprise is capable of producing 100,000 chairs and 10,000 tables per year.
Another resident - "Bioropean" LLC is engaged in production of raw materials for biodiesel as a result of recycling of the used edible oils. The investment cost of the enterprise is 500,000 manat ($294,117), the annual production capacity is 2,300 tons.
Alphapack Azerbaijan LLC, as a resident of the park, produces adhesive tape. The investment made in the company amounted to 800,000 manat ($470,588), the annual production capacity is five million square meters of adhesive tape.
"Ata Park" LLC is engaged in the production of containers and labels. The investment amount is 2.8 million manat ($1.6 million), the annual production capacity is 1,950 tons.
Another resident of the park, Oreon Commerce LLC, produces and recycles sandwich panels made of magnesium oxide. The investment cost of the project was 1 million manat ($588,235), the annual production capacity - 450,000 panels.
Az Ekol LLC, Foriella LLC and Bioropean LLC export their products to several countries.
Eight more residents of the Balakhani Industrial Park will launch their activity soon.