Baku, Azerbaijan, Aug. 25
By Azad Hasanli - Trend:
The Ukrainian company Indar plans to determine the business strategy to work in Azerbaijan, a source in the Ukrainian government told Trend Aug. 24.
The souce said the company will determine the plan until the end of 2018.
In October 2017, Azerbaijan Investment Company and Indar signed a memorandum of understanding providing for the construction of a joint pharmaceutical factory in Baku.
According to the source, the company is working on the development of a business plan for Azerbaijan, after which the next stage of work will begin. The source did not specify which work is being discussed, noting that it is still too early to talk about the construction phase.
An enterprise worth $17 million will be built in the Pirallahi industrial park, which specializes in pharmaceuticals. The factory will produce infusion and injection solutions.
Presently, several pharmaceutical enterprises are already being built in the Pirallahi industrial park - the Azerbaijani company Diamed C and two pharmaceutical factories with foreign capital, Azerbaijani-Russian and Azerbaijani-Iranian enterprises.
According to the concept of social and economic development for 2018 and the next three years, the production of pharmaceutical products in Azerbaijan will reach 69.5 million manats in 2019.
By 2022 it is expected to amount at 87.6 million manats. The production of pharmaceutical products amounted to about 1.5 million manats in 2017.
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