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
-
Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
-
The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
-
At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
-
This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
Leave a review