TODAY.AZ / Business

Azerbaijan, Russia mull industrial cooperation

09 December 2019 [16:37] - TODAY.AZ

By Azernews


By Rasana Gasimova

Cooperation in industry, trade and investment between Azerbaijan and Russia has positive dynamics. It is important to continue working in this direction by establishing cooperation between enterprises and implementing joint projects.

This was noted during the visit of the Russian state bodies representatives to Sumgait Chemical Industrial Park LLC on December 7.  The visit was conducted as part of the 18th meeting of the Azerbaijani-Russian Intergovernmental Commission on Economic Cooperation held in Baku on December 9.

During the visit, the director of the park, Nazim Talibov, informed about the work carried out to increase industrial potential, competitiveness in the area, improve human resources, scientific support, the legal base, and create a chain of industrial products according to the development line set by President Ilham Aliyev.

It was noted that five industrial parks currently function in the country - Sumgait Chemical, Balakhani, Mingachevir, Garadagh and Pirallahi industrial Parks. These parks specialize in chemistry, recycling, light industry, shipbuilding and pharmaceuticals. Domestic demand for these types of products is already met through local production, the export dependence is reduced, and the product is exported.

The sides also discussed the current economic relations between Azerbaijan and Russia. It was noted that the two countries show positive dynamics of cooperation in industry, trade and investment. It was stressed that implementation of SOCAR Polymer project and establishment of R-Pharm Pharmaceutical Enterprise in Pirallahi Industrial Park are some of the most important mutual projects.

The visitors got acquainted with the work done on the territory of Sumgait Chemical Industrial Park. It was noted that the Sumgait Chemical Industrial Park currently covers the area over 500 hectares. 20 residents with a total investment portfolio of $3 billion are registered in the park, of which 13 are active. As a result of these projects, more than 5,000 people were employed in the park.

It was also noted that during the first 9 months of 2019 Sumgait Chemical Industrial Park produced products worth $258 million exported products worth $111 million. Over $352 million were invested in the park, which makes up for 50 percent of the country's non-oil sector investments. Currently, the products manufactured there are exported mainly to the CIS countries, Turkey, Ukraine, Georgia, the United States, Japan, the United Arab Emirates, Poland, Denmark, the Netherlands and other countries under the “Made in Azerbaijan” brand.

The delegation also visited “Azertexnolayn LLC”, which is a resident of Sumgait Chemical Industrial Park. The guests were informed that high-quality steel and polyethylene pipes, hydraulic equipment, and polyethylene products manufactured at the enterprise are exported to CIS and regional countries.

The Sumgait Chemical Industrial Park was established in 2011 to promote industrial production, employment, sustainable development of non-oil sector and business support.

URL: http://www.today.az/news/business/189044.html

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