BAKU, Azerbaijan, July 31. Azerbaijan Investment Company (AIC) OJSC and the Turkish Gen Ilac ve Saglik Urunleri Sanayi ve Ticaret A.S. pharmaceutical company have signed a partnership and joint participation agreement for constructing a pharmaceutical plant in Azerbaijan's Pirallahi Industrial Park, Trend reports via the Ministry of Economy of Azerbaijan.
The event participant and Minister of Economy Mikayil Jabbarov underlined that Presidents Ilham Aliyev of the Republic of Azerbaijan and Recep Tayyip Erdogan of Türkiye have worked hard to bring the relationship between the brotherly states to a previously unheard-of level of strategic partnership.
He claims that the close political links have made corporate collaborations and collaborative projects more fruitful.
Jabbarov emphasized the significance of contemporary infrastructure in creating the prerequisites for dependable healthcare in Azerbaijan.
According to him, the Pirallahi Industrial Park, which was created to advance the pharmaceutical business, provides a number of incentives and advantages.
Constructing the pharmaceutical plant will reduce import dependence, enabling local production to meet the pharmaceutical needs of the population, the minister noted.
He also said that the plant will manufacture various medicinal products in different dosages and packaging, encompassing 100 types of products with 42 names.
The project's initial investment cost is $35 million, creating employment opportunities for over 100 people, Jabbarov added.
Chairman of the Board of Gen Ilac ve Saglik Urunleri Sanayi ve Ticaret A.S. Abidin Gulmus expressed satisfaction with the company's activities in Azerbaijan and confidence that the joint pharmaceutical production project will contribute to the well-being of both nations.
AIC Executive Director Ulvi Mansurov provided details about the plant's construction project and highlighted its significance in meeting the demand for pharmaceutical products while reducing import dependence.
Ahliman Amiraslanov, head of the parliamentary committee on healthcare, and Tahir Mirkishili, chairman of the committee on economic policy, industry, and entrepreneurship in the Azerbaijani parliament, provided updates on the country's healthcare reforms and its benevolent legal environment for foreign investors.
A video presentation of the pharmaceutical factory that will be built in the Pirallahi Industrial Park was shown at the event.
Then, the partnership and joint participation agreement between AIC and Gen Ilac ve Saglik Urunleri Sanayi ve Ticaret A.S. was signed. The document envisages its construction on an area of 11,500 square meters in the Pirallahi Industrial Park, with an initial annual production capacity of 35 million packages.
Pharmaceutical products are planned to be supplied to the regional countries under the "Made in Azerbaijan" brand.
Pirallahi Industrial Park was established under Decree No. 2336 dated September 14, 2016 of the President of the Republic of Azerbaijan.
The park's residents are Diamed Co LLC, R-Pharm LLC, "Absheron Saffron Ltd" LLC, IFFA LLC, "AzMedPlant" LLC, and Supreme Pharmatech Azerbaijan LLC.
Constructing the pharmaceutical plant will reduce import dependence, enabling local production to meet the pharmaceutical needs of the population, the minister noted.
He also said that the plant will manufacture various medicinal products in different dosages and packaging, encompassing 100 types of products with 42 names.
The project's initial investment cost is $35 million, creating employment opportunities for over 100 people, Jabbarov added.
Chairman of the Board of Gen Ilac ve Saglik Urunleri Sanayi ve Ticaret A.S. Abidin Gulmus expressed satisfaction with the company's activities in Azerbaijan and confidence that the joint pharmaceutical production project will contribute to the well-being of both nations.
AIC Executive Director Ulvi Mansurov provided details about the plant's construction project and highlighted its significance in meeting the demand for pharmaceutical products while reducing import dependence.
Chairman of Azerbaijani Parliament's Committee on Economic Policy, Industry, and Entrepreneurship Tahir Mirkishili, and Chairman of the Parliamentary Committee on Healthcare Ahliman Amiraslanov informed about the healthcare measures implemented in Azerbaijan and the favorable legal framework for foreign investors.
A video presentation of the pharmaceutical factory that will be built in the Pirallahi Industrial Park was shown at the event.
Then, AIC and Gen Ilac ve Saglik Urunleri Sanayi ve Ticaret A.S. inked the cooperation and joint participation agreement. According to the plan, it will be built on an area of 11,500 square meters at the Pirallahi Industrial Park and initially have a 35 million package manufacturing capacity per year.
The "Made in Azerbaijan" brand will be used to distribute pharmaceutical items to the neighboring nations.
According to President of the Republic of Azerbaijan Decree No. 2336 dated September 14, 2016, Pirallahi Industrial Park was founded.
The park's residents are Diamed Co LLC, R-Pharm LLC, “Absheron Saffron Ltd” LLC IFFA LLC, “AzMedPlant” LLC, and Supreme Pharmatech Azerbaijan LLC.