The plant of the Swiss company SIKA will be opened on the territory of the Sumgayit Chemical Industrial Park. The enterprise will produce construction materials, construction mixtures and finished compounds.
The total cost of the project is $3.5 million.
The delegation led by Head of Federal Department of Economic Affairs, Education and Research of the Swiss Confederation, Federal Councillor Johann Schneider-Ammann visited the Sumgayit Chemical Industrial Park in order to familiarize themselves with the construction process. They got acquainted with the progress of the implemented work.
Schneider-Ammann noted that SIKA has been operating in Azerbaijan since 2005. “The creation of a production site is a very important event. I am very grateful to the leaders of Azerbaijan for creating such favorable conditions for Swiss investors,” he added.
In turn, Azerbaijani Economy Minister Shahin Mustafayev noted that $250 billion worth of investments have been made in the economy of Azerbaijan to date, about half of which are foreign investments. Mustafayev said this fact proves that a favorable investment environment has been created in Azerbaijan, which is emphasized by the reports of international organizations.
“The Azerbaijani economy ranked 35th in the competitiveness ranking of the Davos Economic Forum. And the country ranked 57th in the World Bank’s Doing Business report,” the minister said.
Speaking about the SIKA plant, the minister stressed that there were no suitable conditions in that territory five years ago.
Switzerland recognized Azerbaijan as an independent state in December 1991and a year later, the two states established diplomatic relations. Relations between the two sides are characterized by open dialogue and are based on several key areas including energy policy, cooperation within international financial institutions and development cooperation.
Azerbaijan is Switzerland’s main trading partner in the South Caucasus. Switzerland mainly exports jewelry products, machinery, watches and pharmaceuticals to Azerbaijan.
Several Swiss companies are operating in Azerbaijan. A Swiss company is involved in the construction of the Trans Adriatic Pipeline, a project that will transport Azerbaijani natural gas to Italy via Georgia, Turkey, Greece and Albania by the end of the decade.
The Azerbaijani state-owned energy company SOCAR operates in Switzerland.