Baku, Azerbaijan, June 20
By Anvar Mammadov – Trend:
Azerbaijan and Russia have signed a memorandum of understanding on establishing pharmaceutical production in Azerbaijan.
The document was signed by Azerbaijan’s Vita-A company, Russian R-Pharm and Azerbaijan Investment Company during the Azerbaijan-Russia business forum in Baku June 20.
Azerbaijan’s Deputy Economy Minister Niyazi Safarov said that the products of the new enterprise which is called Hayat Pharm, will meet the demands of the domestic market and it is also planned to export it in the future.
“The new enterprise will be located on Absheron Peninsula. The exact place hasn’t been determined yet. But even if the enterprise is not located on the territory of industrial parks, it will anyway be able to use the advantages of the industrial parks,” Safarov told reporters.
President of All-Russia business association “Delovaya Rossiya" (Business Russia) Alexey Repik, for his part, told reporters that the volume of investments in creating the enterprise will be several tens of millions of dollars at the first stage.
“I hope that all the necessary funds will be invested at the subsequent stage as well,” he added.
“We plan to start the enterprise’s construction in 2016 and to complete the project’s first phase by 2017,” Repik added.
Further, the following documents were signed during the forum:
- a memorandum of cooperation between Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and All-Russia business association “Delovaya Rossiya" (Business Russia);
- a memorandum on promotion of investment projects in industrial and agricultural sectors both in Moscow (Victoria Industrial Park) and in Azerbaijan. The document was signed between AZPROMO and Victoria Estate Management LLC;
- a memorandum of cooperation between AZPROMO and Bank VTB (Azerbaijan).
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