New resident of Sumgayit Chemical Industrial Park revealed

Sumgayit Chemical Industrial Park (SCIP) continues to attract new players, and Azerbaijan's MST Engineering LLC has entered the list of the park’s residents.

The company to produce hydraulic trunks and fittings has become the 7th resident of the Park.

Deputy CEO of SCIP Zaur Mammadov said that the products, which the company will manufacture, are widely used in oil and gas, engineering, food and other industries.

He noted that about 40 new jobs will be opened in this regard, adding that the products produced by MST Engineering will be exported to neighboring countries in the future.

“Currently, Azerbaijan imports the above-mentioned products and in the future the country will be able to provide both the domestic market, and to export them to neighboring countries,” said Mammadov.

At the initial stage, raw material for the production of trunks and fittings will be imported, but after commissioning SOCAR Polymer Plant, it will also be produced within the country.

Deputy Economy Minister Niyazi Safarov, for his part, stated that the number of residents of the Park will increase soon.

The work on attracting residents to the Chemical Industrial Park continues and several more companies will receive the status of resident in the near future, according to the deputy minister.

The Park established in 2011 covers an area of 167.66 hectares and resides nearby Sumgayit city that is 32.5 km away from Baku. The Park is able to accommodate 35-40 companies, which provides the opening of 10,000 new jobs.

The appropriate external and internal infrastructure (electricity, heating, water supply, communication and other systems) with offices, training centers, offices, laboratory, etc. were established within the Park to enable profitable activity and development of entrepreneurs and produce competitive products and render services through the application of modern technologies.

To make the Park more attractive for investors its residents are exempt from paying income, land and property taxes for seven years. Moreover, equipment and technology used in the park are also exempt from value-added tax.

Overall, the Sumgayit Chemical Industrial Park now includes the following residents: Azertexnolayn, SOCAR Polymer, Azerfloat, Azerbaijan Fibro Cement, SIKA company, and Baku Non-Ferrous Metals & Ferroalloys Company.