Azerbaijan is modernizing and strengthening its industrial potential, Azerbaijani President Ilham Aliyev said at the opening of a polypropylene plant built within the SOCAR Polymer project in Sumgait Chemical Industrial Park.
The head of state stressed that the export potential of Azerbaijan will increase significantly as a result of commissioning the polypropylene plant and a polyethylene plant at the end of the year.
"Both plants will annually produce 300,000 tons of products, and 70% of the output will be exported to foreign markets," Ilham Aliyev said, noting that thus, Azerbaijan will completely eliminate dependence on imports and great volume of non-oil exports will be created in the country.”
"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 development of non-oil sector of Azerbaijan. This plant will lead to 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 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 need for it," the president said.
Ilham Aliyev 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 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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