TODAY.AZ / Business

Sumgayit Park to host 40 enterprises

07 July 2014 [16:14] - TODAY.AZ
By AzerNews

Sumgayit Chemical Industrial Park is expected to host thirty-five to forty enterprises creating up to ten thousand new jobs.

The park was established on an area of 295.5 hectares to promote industrial production, employment, sustainable development of non-oil sector, and business support in Azerbaijan.

The park is divided into two parts - administrative and social zone and industrial zone.

The investment attractiveness of the park is increased by the fact that its operating companies are exempt from income, land and property taxes for seven years. In addition, equipment and technology used in the park are exempt from the value added tax.

Two companies - the limited liability company SOCAR-Polimer and "Azertechnolayn" - have already registered in the park.

The Sumgayit Chemical Industrial Park was established by presidential decree in 2011 to become a territory which has the necessary infrastructure, logistics, and management structures for the development of new and high technologies and research on energy efficiency, space and telecommunications, information technologies, and communications.

Currently, there is one industrial park functioning in the country, while three more High Tech parks are under construction.

Industrial Sumgayit city, country's third largest city, is also home to the textile park "Gilan", which started functioning in 2012 and equipped with machines manufactured in Europe.

The park has eight plants and three production lines. The National Fund for Entrepreneurship Support under the Economy and Industry Ministry has allocated preferential loans worth 15 million manats for the construction of three plants.

It produces a wide range of fabrics, knitted products, as well as special fire-resistant and waterproof clothing, military and sportswear.

The production of the park is exported under the brand "G?LTEX" to Russia, Ukraine and Georgia. Currently, this park has around 1,000 workers.

Azersun, another industrial park operating in Sumgayit, has oil producing plant. Its construction included preferential loans from the state.
URL: http://www.today.az/news/business/135136.html

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