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.