President: Nearly $250 billion invested in Azerbaijan during past fifteen years

Wed 18 July 2018 15:25 GMT | 15:25 Local Time

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As a result of launch of polypropylene plant and launch of polyethylene plant at the end of the year, Azerbaijan’s export potential will increase significantly. Both plants will produce 300,000 tonnes of products every year and 70% of these products will be exported.

Thus, Azerbaijan’s dependence on import will be reduced to zero and it will export a large volume of non-oil products, President of Azerbaijan Ilham Aliyev said at the opening of polypropylene plant constructed in Sumgayit Chemical Industrial Park under SOCAR Polymer project, APA reports.

‘This plant shows us successful economic and industrial policy of Azerbaijan pursued for long years. More than 500 jobs will be created in the plant. The plane will contribute to the development of the non-oil sector of Azerbaijan. This plant will lead to the creation of thousand, even ten thousands of jobs because raw materials of this plant will be used to manufacture a product and Azerbaijan’s dependence on this product will also be reduced to zero. Foundation of this plant was laid in 2015. This is the hugest industrial enterprise in the modern history of Azerbaijan. Taking this opportunity, I thank again Italian partners. I’m sure that they will continue to operate in Azerbaijan successfully. Such industrial enterprises will be established in the future too. Because there is a need for it’, he said.

The President noted that Azerbaijan modernizes its industrial potential: ‘Oil industry increased by 8.8% in six months of this year. Azerbaijan has a very good investment environment. Nearly $15 million was invested in Azerbaijan during the past fifteen years. Financial banks provided their financial support. The newest technologies will be used in this plant. Construction of this plant was provided by an Italian company. We’ll create a number of new industrial enterprises meeting the newest technologies. Therefore, there will be opportunities for Italian companies to operate in Azerbaijan in the future’. 

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