Tax transfers of large Russian beverage plant in Azerbaijan increases 12 percent

Azerbaijan, Baku, May 16 / Trend , U.Ismaylova / 

Tax transfers of Baltic-Baku Company during the year increased 12 percent compared to the same period last year, said the Deputy Minister of Economic Development of Azerbaijan Niyazi Safarov during a presentation from Baltic beer in Baku on May 20.

"Implementation of this large-scale investment project by Baltic Company in the food industry in the conditions of global economic crisis is the evidence of a favorable investment climate and the high potential of the economy of Azerbaijan," said Deputy Minister.

Baku-Beer Beverage Company was put into operation in 1969 and was one of six large beverage plants in the USSR. In 1997 the company moved to the management of the French Group Castel. By 2008, production of the company made up more than 70 percent of the beer market in Azerbaijan. On May 15, 2008 the Baltic Company and Brasseries International Holding (Eastern) Ltd signed an agreement on purchase of the plant. After approval by the anti-monpoly agencies of Azerbaijan, the company was renamed as Baltic-Baku in the beginning of 2009.