Indian companies keen to invest in pharmaceutics in Azerbaijan: envoy (UPDATE)

Business Materials 12 March 2018 21:37 (UTC +04:00)

Details added (18:07)

Baku, Azerbaijan, March 12

By Ilkin Shafiyev - Trend:

Indian companies are interested in establishing joint ventures with Azerbaijan in the field of pharmaceutics, Indian Ambassador to Azerbaijan Sanjay Rana said at a press conference in Baku March 12.

“India is famous for its pharmaceutical industry. Indian companies are interested in opening joint ventures in the field of pharmaceutics, in particular in the territory of the Pirallahi Industrial Park,” the diplomat noted.

He said that negotiations are already underway today in order to establish such an enterprise in Azerbaijan by India’s Sun Pharmaceutical Industries Ltd. and Azerbaijan’s Gilan Holding.

Presently, a number of plants for production of pharmaceutical products are being created in the Pirallahi Industrial Park. Among them are the joint Azerbaijani-Russian and Azerbaijani-Iranian plants. Also, Ukraine and Belarus expressed interest in setting up joint pharma ventures.

The Pirallahi Industrial Park was created by the presidential order in September 2016 and specializes in the production of pharmaceutical products. Here, as in other industrial parks, investors are released from various taxes and customs duties for seven years.