On 25 September, a Memorandum of Understanding was signed between the Alat Free Economic Zone Authority and Ukraine’s “INOVEST” company within the framework of the 2nd Azerbaijan International Investment Forum.
The Memorandum covers cooperation on an investment project envisaging the establishment of a new high value-added manufacturing facility in the Alat Free Economic Zone. For the implementation of the project, “Inovest AFEZCO” has been established in the Alat Free Economic Zone.
The project includes the establishment of a manufacturing facility for the production of silicon carbide, silicon oxide and silicon. The products are primarily intended for use in the semiconductor, electronics and other high-tech industries.
The initial investment in the project amounts to EUR 20 million. The project is expected to create 100 new jobs at the initial stage, with additional employment opportunities planned as production capacity expands.
