(MENAFN - Trend News Agency) Baku, Azerbaijan, Aug. 21
A plant for the production of combi boiler heating systems, established through local and Chinese investments with the support of the Azerbaijani Agency for the Development of Small and Medium-sized Enterprises (SMEs), was put into operation in Azerbaijan's Absheron region on August 21, the agency toldTrend .
The production capacity of the plant, which is a joint Azerbaijani-Chinese enterprise owned by Elektrogas LLC, is 120,000 combi boilers per year. Thirty people have been employed at the plant. Approximately 200 new job places are planned to be created in the future.
Two million manats were invested in the establishment of the plant, half of which is foreign capital. The volume of investments will be increased up to 11 million manats in the future for the expansion of the production profile of the plant.
Along with the local market, combi boilers will be exported to the foreign markets under the Made in Azerbaijan brand.
A document on attracting investments was presented at the event dedicated to the opening ceremony of the plant. The representatives of various state agencies, local and Chinese entrepreneurs, as well as Elektrogas company attended the event.
According to the document, the company will be able to take advantage of a number of benefits. Thus, the company is exempted from paying 50 percent of income tax, property tax, land tax, VAT and customs duties on imported equipment during seven years.
While delivering speech at the event, Chairman of the Agency's Board Orkhan Mammadov spoke about the targeted measures and reforms to improve the business climate, investment conditions and development of entrepreneurship in the country, initiated by President of Azerbaijan Ilham Aliyev, and about the measures of state support in putting the plant into operation.
He stressed that the agency rendered comprehensive support to Elektrogas company.
'Meetings were held with local and foreign investors to review the business climate and state support mechanisms in Azerbaijan,' Mammadov said. 'The consulting services and legal advice were rendered.'
The commissioning of the combi boiler production plant will make a significant contribution, while using local production, to developing the non-oil sector, creating job places in the country and meeting the population's demand for heating systems.
While speaking about the work of the plant, director of Elektrogas company Elnur Jamilli stressed the significant role of measures to develop entrepreneurship in the country and support provided to the private sector in attracting foreign investments. He also emphasized the opportunities arising from the document on attracting investments to further expand the scope of businessmen's activity.
Chinese investor of the plant Louis Fujin spoke about the activity of the company which he represents. He stressed the favorable investment conditions created in Azerbaijan for local and foreign investors and the comprehensive support of the agency rendered during the project.
Then the participants of the event reviewed the work and the production processes of the plant.
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