Azerbaijan's Sumgayit Chemical Industrial Park is set to host up to 40 enterprises, leading to the creation of as many as 10,000 new jobs.
Two companies, SOCAR-Polimar and Azertechnolayn, have already registered in the park, which is divided into an administrative and social zone and an industrial zone, AzerNews reports.
Companies operating in the park are exempt from income, land and property taxes for seven years, while equipment and technology used in the park are exempt from value-added tax.
The park was established by presidential decree in 2011 as an area with the requisite infrastructure logistics and management structure for technological development, as well as research in areas such as energy, space and telecommunications, and information technology, according to AzerNews.
It is currently the only industrial park in Azerbaijan, while three high tech parks are under construction.
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme
Alerts Sign-up