President of the Republic of Azerbaijan Ilham Aliyev participated in the opening of the cardboard and box packaging production enterprise of “Baku Cardboard and Box Factory” LLC in Sumgayit Industrial Park on January 27.
Elchi.az reports that Kamran Salmanli, head of “Baku Cardboard and Box Factory” LLC, informed the head of state about the activities of the enterprise.
It was reported that “Baku Cardboard and Box Factory” LLC, which was granted the status of resident of Sumgayit Industrial Park in 2023, established a cardboard and box packaging production enterprise on an area of nearly 3 hectares of the Park. The enterprise, which uses Turkish and Chinese technologies, will produce 55 million square meters of cardboard and box packaging per year. It is planned to implement cardboard and box production in the first stage, and recycling of local raw materials required for cardboard production in the second stage. The products will be exported as well as meeting the needs of the domestic market. The investment value of the enterprise is 20 million manats. A preferential loan worth 2 million manats was allocated for its creation by the Azerbaijan Business Development Fund under the Ministry of Economy. 64 permanent jobs have been created here. The enterprise, which benefits from all the benefits granted to residents of the industrial park, has benefited from approximately 1.3 million manats in tax and customs exemptions.
It should be noted that in order to encourage the development of entrepreneurship in industrial zones, broad concessions and incentive mechanisms are applied for residents. Thus, residents are provided with ready-made infrastructure created at the expense of state funds – gas, electricity, water, sewage systems, internal automobile and railway lines, as well as fiber-optic internet lines. At the same time, residents are exempt from property, land and profit taxes for a period of 10 years, value added tax on machinery, technological equipment and installations imported for production purposes, as well as customs duties.