Iran, Azerbaijan eye investment of 35m euros in pharmaceutics (exclusive)
Baku, Azerbaijan, March 11
By Farhad Daneshvar - Trend:
Having previously agreed on establishing a joint a pharmaceutical factory in Azerbaijan's Sumgait City, the countries will eventually need to invest 35 million euros at the initial stage, a senior Iranian health official told Trend in Baku.
Iran's Deputy Health Minister and Head of the Food and Drug Administration Rassoul Dinarvand said that Iran's Darou Pakhsh Pharma Chem company will cooperate with Azerbaijan for launching the joint pharmaceutical factory.
According to the deputy minister, the factory is expected to produce dozens of essential drugs to be used for treatment of heart diseases, contagious diseases, non-communicable diseases as well as various types of antibiotics and painkillers.
Rassoul Dinarvand who is in an official visit in Baku to discuss finalizing the pharmaceutical project, has already met several Azerbaijani officials in a bid to pave the way for launching the project.
"The way for investment has been paved and the project will be inaugurated soon," he said.
Back in February, addressing a Press Conference in Baku, Iranian Ambassador to Baku Mohsen Pak Ayeen said Iran and Azerbaijan have signed a memorandum of understanding (MoU) to establish a pharmaceutical factory in Azerbaijan's Sumgait City.
According to Pak Ayeen the MoU was agreed during President of Azerbaijan Ilham Aliyev's visit to Tehran in February.
On Feb. 23 President Ilham Aliyev concluded his official visit to Iran which took place on the invitation of President Hassan Rouhani. The high level official visit resulted in conclusion of over 10 documents covering various areas of cooperation between Tehran and Baku.