Shahin Mustafayev: ‘Industrial parks will facilitate the development of modern technology spheres and the formation of innovative economy’

Industrial parks will accelerate the development of the non-oil sector and attraction of local and foreign investments to the economy. At the same time, they will facilitate the development of modern technology spheres and the production of new competitive products, as well as promote the formation of innovative economy and export of non-oil products to foreign countries.

According to information revealed to “ICTnews” online news service by the Ministry of Economic Development, these words were pronounced by the minister of economic development Shahin Mustafayev at the meeting, which was held at Sumgait Chemical Industrial Park LLC and was dedicated to the creation of an industrial park in Azerbaijan.

The minister said that as a result of measures implemented in line the presidential decree “On creation of industrial parks in Azerbaijan”, an appropriate legislation framework was created in this sphere, and tax discounts were determined. On 25 April 2013 the President of the Republic of Azerbaijan issued an order on approving the “Regulations for creating industrial parks in Azerbaijan”, which constitutes a juridical base for creating and operating industrial parks, as well as conducting business activities in them.”

The director of Sumgait Chemical Industrial Park LLC Mehman Agayev also spoke at the activity. He told the gathering about activities implemented towards the creation of an industrial park in Azerbaijan.

“A consulting firm has already been engaged in the process. Drafts of normative legal acts and documents stemming from the regulations for industrial parks are being prepared now. The General Plan for Sumgait Chemical Industrial Park has already been prepared. Technical conditions for construction works have been approved, and a residents registering system has been created.

Cleaning of 167.66 hectares area, which was allotted for the construction of an industrial park, has been completed. Works on demolishing dilapidated buildings and installations located in the territory of the industrial park are nearing completion. The Action Plan and relevant presentations for attracting investments to the park have been prepared. Talks are now being held with leading companies in this regard.