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Azerbaijan, Singapore discuss investments, industrial parks

24 September 2013 11:24 (UTC+04:00)
Azerbaijan, Singapore discuss investments, industrial parks

By Aynur Jafarova

Singaporean companies may contribute to the development of industrial parks in Azerbaijan. The issue was discussed in Baku at a meeting of Azerbaijani Economic Development Minister Shahin Mustafayev with Singapore's Minister of State for Trade and Industry Lee Yi Shyan, the ministry said on September 20.

Azerbaijan's Sumgayit Chemical Industrial Park near the capital Baku, which was established by a presidential decree in 2011, is one of the largest ongoing regional projects in the domestic chemical industry.

The parties also discussed mutual investments, exchange of experience in the development of the business environment and entrepreneurship, holding business forums with the participation of entrepreneurs from the two countries, as well as exhibitions and presentations.

A Singaporean delegation arrived in Baku for attending the opening ceremony of a shipyard, which was held on September 20.

Speakers stressed that the commissioning of the plant is one of the most significant projects in Azerbaijan's non-oil sector and will play an important role in enhancing the economic and industrial potential of the country.

Construction of the shipyard started in March 2010 on 620,000 square meters of land. It will be operated by a joint venture established in December 2010 by Azerbaijan's state energy company SOCAR, Azerbaijan Investment Company and Singapore's Keppel Offshore & Marine.

SOCAR holds 65 percent of stock in the joint venture while Azerbaijan Investment Company and Keppel have 25 percent and 10 percent respectively.

The shipyard has a capacity of building four 15,000-ton cargo ships or two 70,000-ton tankers and four platform supply vessels a year. It will also repair between 80 and 100 vessels a year.

The shipyard has been provided with advanced equipment purchased from Finland, the Netherlands, the Czech Republic, the UK, South Korea and Singapore.

It currently has 1,250 staff members, and the number of employees will be increased to 2,000 in the future.

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