BAKU, Azerbaijan, May 1. Sumgayit Chemical Industry Park is set to receive an additional investment of over 515 million manat ($302.9 million) as part of ongoing expansion efforts, said Elchin Kazimov, the press secretary of Azerbaijan's Economic Zones Development Agency (IZIA), Trend reports.
Speaking to reporters as part of a media tour to the Sumgayit Chemical Industrial Park, Kazimov noted that the park has already attracted investments exceeding 5.5 billion manat ($3.2 billion), with over 6,200 people employed at the site. The upcoming phase will see the creation of approximately 2,700 new permanent jobs with the additional investment.
He began by recalling that on April 30, the head of state inaugurated two new enterprises at the Sumgayit Chemical Industrial Park.
"As a result, new facilities dedicated to the production of construction chemicals and light, medium, and heavy-duty trucks, as well as special-purpose vehicles under the 'IVECO' brand, have commenced operations.
With the launch of these new enterprises, the total number of businesses operating across Azerbaijan's industrial zones has grown to 88, while the Sumgayit Chemical Industrial Park now hosts 26 active enterprises," Kazimov said.
Kazimov stated that the launch of these new enterprises will provide a significant boost to Azerbaijan's non-oil sector, broaden the country's export reach, accelerate economic diversification, and play a key role in increasing employment.
"The total investment capital of these two newly operational enterprises exceeds 44 million manat ($25.8 million). In the first phase, they have already created around 200 permanent jobs, with plans to add another 200 in the next phase.
In the initial phase, the products manufactured by these enterprises will meet domestic demand, while in the following phase, they will be exported to countries such as Russia, Uzbekistan, Kazakhstan, Georgia, Turkmenistan, and Iran," he added.
Kazimov highlighted that several more enterprises are set to begin operations in the Sumgayit Chemical Industrial Park later this year.
“These upcoming enterprises will focus on producing aluminum-coated sheet mirrors, cardboard for packaging construction materials and agro-industrial products, as well as recycling engine and industrial oils, and producing base oils.
I would like to emphasize that the Sumgayit Chemical Industrial Park, where we are currently situated, stands as the largest industrial park in the South Caucasus, spanning over 613 hectares.
Currently, 39 business entities, with an investment portfolio exceeding 6 billion manat ($3.5 billion), hold residency status in the park. To date, entrepreneurs have invested more than 5.5 billion manat ($3.2 billion), creating permanent employment for over 6,200 people. Additionally, in the next phase, plans are in place to invest a further 515 million manat [$302.9 million] and generate around 2,700 permanent jobs,” the spokesman added.
Kazimov reported that, to date, the residents of the Sumgayit Chemical Industrial Park have generated a total of 13.8 billion manat ($8.11 billion) in sales, with 4.88 billion manat ($2.87 million) from exports.
"The Industrial Park produced goods worth 659 million manat ($387.6 million), with 251 million manat ($147.6 million) dedicated to exports in the first quarter of 2025. Compared to the same period last year, production increased by 14.2 percent, while exports grew by 17.2 percent," he added.
The Spokesperson also highlighted that during the first quarter of this year, the Sumgayit Chemical Industrial Park accounted for 13.5 percent of the country's non-oil industry production and 26.1 percent of its exports.
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