Turkish-owned company gains resident status at Sumgait Chemical Industrial Park

A Turkish-owned company, Eurotec Group LLC, has been granted resident status at the Sumgait Chemical Industrial Park, which is managed by the Economic Zones Development Agency under the Ministry of Economy. Azernews reports, that with this addition, the number of residents in the Industrial Park has reached 42.

The new resident plans to establish a plant on a 2-hectare site within the Industrial Park, capable of producing 200,000 metal barrels annually. The investment volume for the project is ?9mln ($5.3mln), and it is expected to create 120 permanent jobs.

The facility will utilize advanced Belgian technology to ensure high-quality production standards. The products manufactured at this plant will not only be sold in the domestic market but also exported, contributing to Azerbaijan's industrial growth and economic diversification.

The establishment of this facility underscores the importance of foreign investments in Azerbaijan's industrial sector. It reflects the favorable business environment and the strategic efforts to attract international companies to contribute to the country's economic development.

The Sumgait Chemical Industrial Park has become a vital hub for industrial activities, offering numerous incentives to its residents, including tax exemptions, customs duty relief, and other supportive measures. This environment has attracted various industries, ranging from chemical production to metallurgy and machinery.