A new High Technologies Park was established in Sumgait in November 2012. The Park shall focus on the research in information and communication technologies, telecommunications and space, energy efficiency, as well as on production of new and high technologies. It will offer a basis for sustainable development of the ICT sector in Azerbaijan, create alternative income sources and increase its attractiveness for foreign investors. In order to stimulate investment activities in the Park, the latter shall offer a number of tax and other incentives for companies operating in there. By the way, in 2008 the Center of Research in High Technologies was created with the aim to initiate research in nanotechnologies in Azerbaijan.