BAKU, Azerbaijan, July 4. A joint venture between Azerbaijan and Thailand will be established in Azerbaijan's Pirallahi Industrial Park, Trend reports.
According to the Economic Zones Development Agency of Azerbaijan, a new resident, Supreme Pharmatech Azerbaijan LLC, has been registered in the industrial park under the agency. Thus, the number of residents of the industrial park has reached six.
"The joint company - Supreme Pharmatech Azerbaijan LLC will build an enterprise for the production of biologically active food additives and medicines on the territory of an industrial park with an area of 2.5 hectares," the agency said. "The enterprise with an investment of 8.3 million manat ($4.8 million) is expected to provide permanent jobs for 56 people."
The agency noted that in addition to selling the above products on the domestic market, it's planned to export them under the 'Made in Azerbaijan' brand.
Pirallahi Industrial Park was established under Decree №2336 dated September 14, 2016 of the President of the Republic of Azerbaijan.
The park's residents also include Diamed Co LLC, R-Pharm LLC, “Absheron Saffron Ltd” LLC IFFA LLC and “AzMedPlant” LLC.