Territory of Sumgait Chemical Industrial Park to be enlarged
By Nigar Abbasova
The territory of Sumgait Chemical Industrial Park (SCIP), the first large industrial park of Azerbaijan, will be enlarged under a presidential order.
President Ilham Aliyev entrusted the Cabinet of Ministers to take measures within three months on providing allocation of 170.75 hectares territory in 37th km of Baku-Guba highway for utilization of the Sumgait Park.
The Cabinet will implement measures jointly with the Economy Ministry, State Committee for Property Issues, SOCAR, Azerenergy and Sumgait Executive Power.
The Park, which was established to promote industrial production, employment, sustainable development of non-oil sector, and business support in Azerbaijan currently covers an area of 295.5 hectares.
SOCAR Polymer project with an estimated worth of $750 million is one of the largest residents of the Park. Other residents of the park are Azerbaijan Fibro cement, Azertechonline, and AzerFloat. All residents are exempted from property, land, corporate income taxes, as well as VAT for imported equipment.
Main objective of the establishment such parks in the country are the creation of favorable conditions in the country for further development of industrial production, provision of support to entrepreneurs, and increasing employment of population in the sphere.
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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