Balacans Agro Food LLC, Azerbaijan Investment Company sign agreement (PHOTO)

Economy Materials 6 December 2021 16:07 (UTC +04:00)
Balacans Agro Food LLC, Azerbaijan Investment Company sign agreement (PHOTO)

BAKU, Azerbaijan, Dec. 6

By Nazrin Israfilova – Trend:

An investment agreement has been signed between Balacans Agro Food LLC and the Azerbaijan Investment Company (AIC), Trend reports referring to the Ministry of Economy of Azerbaijan.

According to the information, a meeting was held between the head of the Ansuk Balakan cannery Abdulgadir Ansuski, Deputy Minister of Economy Niyazi Safarov, Executive Director of the Azerbaijan Investment Company Ulvi Mansurov, Head of the Balakan District Executive Power Islam Rzayev and Chairman of the Board of Directors of Balacans Agro Food LLC.

At the meeting, the sides discussed the implementation of the agro-industrial potential of the region, the development of entrepreneurship.

Following the agreement, AIC will participate in the project on a shared basis, which provides for the expansion of production lines, the implementation of new investment areas, such as various salad cans, compotes, jams, and fruit drying.

It is reported that the volume of investments required for the project is 4.7 million manats ($2.8 million). The project will create about 100 permanent jobs. The company will use the existing agricultural raw material base in the region where it operates to export its products to local and foreign markets.

It is noted that the systemic measures are taken for the sustainable development of the non-oil economy, effective mechanisms for increasing production and export potential, and stimulating investment open up wide opportunities for business development in the regions.

In addition, targeted measures are being taken in the Balakan district, where agricultural production prevails, in order to effectively use the existing economic potential, develop entrepreneurship, export-oriented areas, and expand the activities of manufacturing enterprises.

Balacans Agro Food LLC is engaged in the production, packaging of food products (Cappy fruit juice for Azerbaijan Coca-Cola Bottlers LTD), sale, cultivation of gardens and single plantings, cold storage and packaging of energy drinks.