Russian Penoplex Prikavkazye LLC invests over $10.6M in Hajigabul Industrial District

On October 27, the opening ceremony of a thermal insulation board production facility of the Russian Penoplex Prikavkazye LLC was held in Hajigabul Industrial District under the management of the Economic Zones Development Agency (EZDA) of the Ministry of Economy, Report informs, citing EZDA.

According to information, thermal insulation boards are produced at the enterprise based on innovative technology, and general-purpose polystyrene is used as a raw material in the production process. The investment value is 18.4 million manats ($10.6 million).

It is planned to sell 60% of the products produced in the enterprise with an annual production capacity of 100,000 m3 to the domestic market and 40% to the foreign market.

The enterprise, built on the territory of 6.7 hectares of the Industrial District, is provided with ready-made infrastructure (gas, electricity, water, sewerage, and roads) at the expense of state funds. At the same time, thanks to the investment promotion document issued by the Ministry of Economy, 12.9 million manats ($7.6 million) were saved (customs duty and VAT) for the import of machinery, technological equipment, and devices.