Azernews.Az

By Gulgiz Dadashova

The Sumgayit Chemical Industrial Park near Azerbaijan's capital Baku, which is one of the largest ongoing regional projects in the chemical industry, is considering about 20 investment projects.

The Economic Development Ministry, which manages the Sumgayit Chemical Industrial Park, said that the projects relate mainly to the production of packaging materials, construction, medical products and other types of chemical products, including polymers.

The initial draft of the "Rules of the evaluation of investment projects, businesses and individuals based on the required criteria" and a number of regulations have already been prepared.

According to the regulations, project evaluation will be carried out based on ten criteria, taking into account investment projects of regional significance, use of modern technologies in the production of goods and provision of services for export-oriented production, their cost effectiveness and improvement of the competitive environment.

Moreover, the park, with an area of 167.66 hectares, ongoing construction and infrastructure development, 7-year-long tax exemption and many other benefits, continues to attract investors, hold meetings with local and foreign companies and conduct presentations both domestically and abroad.

The Sumgayit Chemical Industrial Park was established by the 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, research on energy efficiency, space and telecommunications, information technologies and communications.

The Economic Development Ministry was entrusted the creation and development of the facility as part of a larger effort to enhance the potential of the domestic chemical industry, establish private businesses in the field and obtain competitive goods from local raw materials.