Azerbaijani industrial park set to become local pharma center (Exclusive)
Baku, Azerbaijan, Dec. 15
By Sara Israfilbayova - Trend:
The Pirallahi Industrial Park of Azerbaijan is expected to become an important center for the local production of pharmaceuticals, Executive Director of the German-Azerbaijani Chamber of Commerce (AHK Azerbaijan) Tobias Baumann, told Trend.
Baumann added that Germany together with Switzerland and Turkey are considered the world’s most important suppliers of pharmaceuticals, measured by the value of imports.
Further, he stressed that German companies are interested in this sector and are observing the market considering the possible market entries in 2019-2020.
Azerbaijan plans to produce pharmaceutical products worth 1.3 million manats in 2019. The production will be expanded in subsequent years. Thus, the output will reach 38.8 million manats in 2020, 39.5 million manats in 2021 and 40.2 million manats in 2022.
The reason for the expected sharp increase in production is that pharmaceutical plants will start operating in the country's Pirallahi Industrial Park from 2019.
The industrial park, which was established in 2016, specializes in the production of pharmaceutical products. Here, as in other industrial parks, investors are exempted from paying various taxes and customs duties for seven years.
The Pirallahi Industrial Park currently has four residents: the joint Azerbaijani-Russian plant Hayat Pharm, the Azerbaijani-Iranian plant Caspian Pharmed, the plant of Diamed Co., and the plant of IFFA. These plants are under construction.
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