BAKU, Azerbaijan, May 5. Entrepreneurs have invested more than 6.9 billion manat ($100.7 billion) in industrial zones, creating over 10,600 permanent jobs, said Elnur Aliyev, Azerbaijan's Deputy Minister of Economy, Trend reports.
Speaking at the "Azerbaijan’s Pharmaceutical Industry: Yesterday, Today, Tomorrow" event held at the Heydar Aliyev Center, Aliyev pointed out that, during this period, industrial zones have generated 16.2 billion manat ($100.7 billion) worth of products, with 5.2 billion manat ($100.7 billion) of this total being exported.
"Following the Presidential Decree issued on September 14, 2016, the Pirallahi Industrial Park was established in Azerbaijan, covering an area of 30 hectares and specializing in pharmaceutical production. The park is fully equipped with essential infrastructure to support entrepreneurial activities, offering ample opportunities for the manufacturing of competitive products and services, as well as the establishment of processing enterprises. The park’s entire territory has already been fully occupied by residents, reflecting strong interest from entrepreneurs. As a result, the possibility of expanding the park’s boundaries is currently under consideration," he said.
Furthermore, Aliyev highlighted that seven businesses with investments exceeding 120 million manat ($70.5 million) have received residency status in the park.
"These projects have led to investments totaling over 45 million manat and the creation of nearly 160 permanent jobs. So far, products worth 64.5 million manat ($37.9 million) have been produced in the park.
The full-scale operations of the residents at the Pirallahi Industrial Park will significantly drive the growth of the pharmaceutical sector and help meet the demand for medicines and medical supplies through local production.
It is promising to note that several companies within the park have already commenced operations. Diamed Co LLC, a resident of the park, manufactures disposable syringes using cutting-edge technologies. Another resident, R-Pharm LLC, focuses on packaging various pharmaceutical products. Additionally, a new pharmaceutical plant is currently under construction at the park, in collaboration with the Turkish company Gen İlaç ve Sağlık Ürünleri A.Ş. The plant, which adheres to international quality standards and Azerbaijan's national pharmaceutical safety priorities, will produce pharmaceutical products in various dosages and packaging formats," he added.
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