Investments in Azerbaijan’s Sumgait industrial park total $1.2B

Business Materials 14 April 2017 12:51 (UTC +04:00)

Baku, Azerbaijan, Apr. 14

By Anvar Mammadov – Trend:

As of today, investments in the Sumgait Chemical Industrial Park (SCIP) stand at $1.2 billion, said Azerbaijan’s Economy Minister Shahin Mustafayev.

He made the remarks at an event in Baku, dedicated to presenting of a certificate to a new resident of the SCIP on Apr. 14.

“Ten residents have been registered in the Sumgait Chemical Industrial Park alone. Of these, I would like to mention Azertexnolayn CJSC that has already started production,” Mustafayev said, adding 52 percent of the company's products are being exported.

He noted that five more enterprises will start operating in the chemical industrial park in 2017, which will make import-substituting and export-oriented products.

Touching upon the activity of other industrial parks, the economy minister said preparations are ongoing for start of the work of enterprises in the Balakhani Industrial Park as well.

“I believe five companies will start functioning in the Balakhani Industrial Park in May-June 2017,” Mustafayev said. “As for other industrial parks – a shipyard is already operating in the Garadagh Park and foundation of two plants, construction of which will begin soon, has already been laid in the Pirallahi Industrial Park. I believe one of these plants will start functioning in 2018.”