Azerbaijan's Sumgayit Technologies Park, Alat FEZ sign MoU on strategic co-op

Economy Materials 21 October 2021 17:01 (UTC +04:00)
Azerbaijan's Sumgayit Technologies Park, Alat FEZ sign MoU on strategic co-op

BAKU, Azerbaijan, Oct. 21


Sumgayit Technologies Park (STP) and Alat Free Economic Zone (FEZ) have agreed on cooperation, STP told Trend on October 21.

According to the information, STP General Director Ruslan Agabeyli and Chairman of the Board of the Alat FEZ Valeh Aleskerov signed a Memorandum of Understanding on strategic cooperation.

It is noted that the memorandum includes providing mutual assistance in the implementation of investments, organizing the necessary coordination during business trips, sharing knowledge, information and experience.

The purpose of the memorandum is to develop economic relations between the two organizations, as well as cooperation for the mutual exchange of knowledge, information and experience. In addition, it is envisaged to promote each other's activities and attract investments.

Alat FEZ is a project implemented with the aim of increasing local and foreign investments in the non-oil sector of Azerbaijan. The strategic geographic location of the region will be used to create a regional investment center and improve competitiveness in the Europe-Caucasus-Asia and North-South transport corridors.

Sumgayit Technologies Park (STP) is the first technology park in the region, uniting more than 30 production facilities for the production of cables, electrical equipment, aluminum and copper profiles and polymer pipes. The company's high-quality products and services are aimed at reducing imports in areas such as oil and gas, energy, construction and agriculture.