BAKU, Azerbaijan, Jan. 26
By Maryana Akhmedova – Trend:
Despite the global issues due to the COVID-19 pandemic, Hualing Free Industrial Zone (FIZ) was able to attract solid investments in 2021, Soso Nibladze, the CEO of the FIZ, told Trend.
Some 25 new companies registered in Hualing FIZ in 2021, Nibladze said.
One of the most important initiatives of 2021 was the project on wood processing and furniture production, developed together with investors from Canada and China. This project provides for the production at the FIZ and further export, the CEO said.
The initial budget for this project was $1.5 million, and in general, it is planned to increase to $7 million, he added.
Also, in the near future, the Chinese company will begin the production and export of ferroalloys and silica metal at the Hualing FIZ. The total volume of the investments amounted to $5 million, and it is projected to increase, Nibladze noted.
Another project launched at the Hualing FIZ in 2021 was involved the production of recycled plastic. Investments in this project amounted to about $2 million, Nibladze said.
Hualing FIZ conducts most of the negotiations with manufacturers of the light industry sector, the CEO noted.
One of these projects is a German project for the production and export of textile products, on which the negotiations on signing the contract are at the final stage. About 2,000 people will be employed in this project, the total investment of which amounted to about 3 million euros.
Hualing FIZ was built by Hualing Group with Chinese investments and began operating in 2015.
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