Azerbaijan, Baku, 3 March / Trend corr A. Ismayilova/ A 'new epoch' is beginning in Azerbaijan's industry, the President of Azerbaijan Ilham Aliyev said at the ceremony of laying the foundations of a steel complex and an additional building for the aluminium plant in Ganja on 3 March. "The agreement signed today will promote development of industry in Azerbaijan," President Aliyev said.
An agreement envisaging on providing with equipment and investments construction of a new steel complex and aluminium plant by foreign companies was signed in Ganja. Construction of the aluminium plant involves the Chinese CNEC. The investment period covers 2008-2009, during which a total of the investments to be put into the construction are expected to amount to $230mln.
According to the President, the agreement is one of the large investments which are put into the non-oil sector of Azerbaijan and wit will make up $1bln.
Introduction of the up-to-day equipment will dramatically decrease the environmental impact (up to 98% of the wastes will not be thrown away to the air), and will increase the power intensity of the plant - production of each 1,000 ton of the aluminium will require 13,600 kilowatt-hour of electric power, which is by 6,000 kilowatt-hour less than at the most power intense aluminium plant in the CIS.
"Today, foreign countries make efforts to work in Azerbaijan," Aliyev said. President noted that Azerbaijan is to create a strong industrial potential and to cooperate with international structures and organizations.
According to the President, during previous years Azerbaijan made a lot to develop industrial sector in the country.
"But these two new enterprises will completely change the situation," President stated. Aliyev expressed hope that now other foreign companies will also seek working in Azerbaijan and making investments in the country.
President said that $46bln investments have been put into the Azerbaijani economy since 1993. The new aluminium plant will create favourable conditions for functioning of small-scale enterprises.
Aliyev said the State was planning to invest $3.5bln in development of the infrastructure in 2008 and Azerbaijan is interested in development of business organizations in the country.
"We can put the investments, but we want business organizations to do that," he said.