Azerbaijan, Iran to build medicine plant in Pirallahi

Business Materials 20 September 2016 20:32 (UTC +04:00)

Baku, Azerbaijan, Sept. 20

By Anvar Mammadov – Trend:

The Azerbaijani-Iranian joint venture for medicine production will operate in the Pirallahi Industrial Park, Iranian Ambassador to Baku Mohsen Pak Ayeen said Sept. 20.

He made the remarks at the Azerbaijan-Iran business forum in Baku.

“We held meetings with Iranian companies as well as with the management of Azersun Holding, and decided that a group of Azerbaijani experts will visit Iran the next week, and then Iranian experts will arrive in Azerbaijan to discuss construction of the plant,” Pak Ayeen said.

Earlier, it was planned to build the plant in Sumgait Chemical Industrial Park.

In April 2016, Azerbaijan Investment Company OJSC, Azersun Holding and Iranian Darou Pakhsh signed a memorandum of understanding to launch pharmaceuticals production in accordance with international standards.

Kambiz Amjadi, head of Iran's Darou Pakhsh Holding Company, earlier told Trend that more than $30 million will be invested in the creation of the pharmaceutical joint venture. Amjadi said 49 percent of the shares in the pharmaceutical company will belong to Iran and the 51 percent stake of the Azerbaijani side will be divided in two parts - 25 percent will go to the Azerbaijan Investment Company and 26 percent to Azersun Holding.

Amjadi said the project is aimed at producing more than 90 types of medicines in Azerbaijan.

He predicted that the factory will be launched within the next two years.

The factory is expected to produce dozens of essential drugs for treatment of heart diseases, contagious diseases, non-communicable diseases, as well as various types of antibiotics and painkillers.