Chemical Industrial Park in Azerbaijan considers nearly 20 investment projects

  07 August 2013    Read: 370
Chemical Industrial Park in Azerbaijan considers nearly 20 investment projects
The Sumgait Chemical Industrial Park is considering about 20 investment projects, the Ministry of Economic Development of Azerbaijan reported on Tuesday.
The projects relate mainly to the production of packaging materials, construction, medical products and other fields of chemical products, including polymers. Alongside, the park continues to attract investors, holding meetings with local and foreign companies and making presentations both domestically and abroad.

With Chemical Industrial Park`s participation, the ministry is drafting legal documents necessary for the operation of industrial parks.

The first 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 rules, project evaluation will be conducted based on ten criteria, taking into account investment projects of regional significance, the 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.

The Decree of the President of Azerbaijan 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.

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