LLC Sumgait Chemical Industrial Park provided LLC Baku Non Ferrous and Foundry Company a status of resident of the industrial park on February 19.
According to the Ministry of Economy, it is the fifth resident of the industrial park. The company will build a factory to produce ferrosilicon (FeSi) - 20 thousand tons and ferrosilicon manganese (FeSiMn) - 36 thousand tons per year.
The company plans to employ about 150 people. The company's products will meet the demand of metallurgical enterprises of the country, and some will be exported abroad.
Baku Non Ferrous and Foundry Company was established on 5 October 2015. The company's capital is 10 manats. The Director of the company is Firuz Alimardanov.
The planned investments are not reported. We do not know the founders’ names either.
According to the legislation, residents of industrial parks are exempt from payment of corporate taxes for a period of 7 years. ------08D
Economics
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review