Azerbaijan, LG signs MoU on LED production
By Nigar Orujova
The State Fund for Development of Information Technologies has signed a memorandum of understanding with South Korea's LG Company for the deployment of joint production of LED light sources.
The statement came from Elchin Zeynalov, Executive Director of the State Fund. He said that it is provided to attract about 10 million manats of investment for implementation of the project.
“Our main task is to attract foreign capital into the project, as well as create opportunities for sales of finished products to foreign markets,” Zeynalov said.
He went on to say that negotiations are underway on the establishment of business structure responsible for the project, the issues of share distribution of investments and prospects for future sales of finished products are being discussed.
Azerbaijan expressed its interest to develop light-emitting diodes production in the country in 2014.
The LED mass production is expected to be deployed at the Hi-Tech Park.
After meeting the needs of the country, the technologies will be exported to international markets.
The use of LED technologies is primarily envisaged for street lighting in the capital. LED lighting system is expected to be used for decorative purposes and general lighting of architectural buildings, streets, parks and main roads in the capital.
Solid-state lighting is energy efficient and environmentally friendly, as opposed to ordinary incandescent bulbs. This type of lightening allows saving up to 80 percent of consumed energy.
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Nigar Orujova is AzerNews’s staff journalist, follow her on Twitter: @o_nigar
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