A New Phase of Economic Development in Sumgait City (2003-2008)

Abstract

The creation of a special economic zone in Sumgait and the directions of specialization of the activity of this zone, all allowances, business guarantees given to foreign and domestic investors, and concessions to local enterprises and organizations on their activities are intended to be reflected. Extensive works were carried out in Sumgait city in the field of implementation of the Decree of the President of the Republic of Azerbaijan dated February 11, 2004, on the approval of the State Program for the socio-economic development of the regions of the Republic of Azerbaijan for 2004-2008 and the integration of Sumgait to the world, the establishment of economic and cultural relations. During this period, the indicators of the gross domestic product were on the increasing dynamics, foreign investment was invested in various areas of the city, which mainly included industrial enterprises, and attention and care was paid to the development of free entrepreneurship in the city. Important works on the restoration and development of the petrochemical industry based on modern technology were carried out in Sumgait, production areas, construction and installation works were started, and the dynamic pace of development covering socio-economic areas throughout the city was successfully continued.