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Iranian investors to be attracted to chemical industrial park in Azerbaijan (exclusive)

Iranian investors to be attracted to chemical industrial park in Azerbaijan (exclusive)

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Date: 22 December 2015 22:57

Baku, Azerbaijan, Dec. 22

Trend:

An agreement was reached on attracting Iranian investors to participate in Azerbaijan’s Sumgait Chemical Industrial Park, Azerbaijani Ministry of Economy and Industry said in an exclusive interview with Trend Dec.22.

The parties came to such an agreement within the framework of the tenth meeting of the Azerbaijani-Iranian Joint Commission on Economic, Trade and Humanitarian Cooperation in Tehran.

The meeting of the intergovernmental commission began its work Dec.21 and ended Dec.22 with the signing of the protocol. The co-chairman of the intergovernmental commission from the Azerbaijani side was Minister of Economy and Industry Shahin Mustafayev, the Iranian side - Minister of Communications and Information Technologies Mahmoud Vaezi.

“Appropriate measures will be taken to encourage the participation of Iranian investors in the chemical industrial park,” the ministry said.

Besides, the parties came to an agreement on the exchange of investment projects.

So far, Iranian investments in fixed assets of Azerbaijan have reached $760 million. However, investments in the non-oil sector of Azerbaijan totaled $145 million.

The Azerbaijani president’s decree on the establishment of the Sumgait Chemical Industrial Park was issued in December 2011.

According to the decree, the Ministry of Economic Development was instructed to implement measures that support the creation and development of production and processing areas related to chemical industry in the Sumgait Chemical Industrial Park in order to enhance the potential of chemical industry, establish private enterprises in the field and obtain competitive products from local raw materials.

It is planned to place 35-40 enterprises in the industrial zone of the LLC and create up to 10,000 jobs there.

The park residents are expected to invest more than one billion manat in organizing the industrial enterprises in its territory.

The territory of Sumgait Chemical Industrial Park will be divided into two parts: administrative and social zone and industrial zone.

The park residents are exempt from income tax, land tax and property tax for seven years to increase the investment attractiveness of the park. Moreover, the equipment and technology used in the park are exempt from VAT.

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