BAKU, Azerbaijan, February 6. A resident of the Sumgait Chemical Industrial Park, Universal Packing Industry CJSC, has invested 4.1 million manat ($2.4 million) in its enterprise and plans to launch its activities in the first quarter of 2023, Azerbaijan's Economic Zones Development Agency told Trend.
According to the agency, in general, the investment value of the project is 4.25 million manat ($2.5 million).
"At the moment, 4.1 million manat ($2.4 million) have already been invested in the project, and about 80 percent of the work has been completed. CJSC will produce over 20 types of packaging products using technology from countries such as Italy, China, and Taiwan," the agency said.
In addition, it was noted that at the first stage, 50 people will be provided with jobs at the enterprise.
"In the future, it is expected to increase the number of employees to 80 people," the agency added.
The Universal Packing Industry CJSC obtained the resident status of Sumgait Chemical Industrial Park in 2019.