Baku, Azerbaijan, Jan. 11
By Anvar Mammadov – Trend:
Foundation of an Azerbaijan-Iran joint pharmaceutical plant in the Pirallahi Industrial Park will be laid Jan. 16, Trend learned from Azerbaijan’s Economy Ministry.
Iran’s Minister of Cooperatives, Labor and Social Welfare Ali Rabiei is expected to visit Azerbaijan in connection with the groundbreaking ceremony.
Over $30 million will be invested in the creation of the joint venture.
In April, Iran’s Tamin Pharmaceutical Investment Company inked a memorandum of understanding with the Azerbaijan Investment Company and Azersun Holding in Baku as part of the project.
In the joint enterprise, 50 percent of the shares belong to Iran, 25 percent are owned by the Azerbaijan Investment Company and 25 percent by Azersun Holding.