Azerbaijan Holds Negotiations with Investors on Construction of Insulin Plan

Business Materials 10 April 2007 14:58 (UTC +04:00)

Azerbaijan, Baku / corr. Trend I.Khalilova / The Executive Director of Azerbaijan Investment Company (AIC), Anar Akhundov, said that AIC expects foreign companies interested in the construction of the insulin plant in Azerbaijan to visit Baku in April.

He refused to give the name of the company, but did not exclude that if an agreement was reached during this meeting, an agreement would be signed. Primarily AIC held negotiations with Denmark's Nordisk as well as other companies in order to be time-efficient. AIC appealed to various companies, and an initial agreement has already been received from one of them. The investors are expected to fulfill two key tasks before AIC, i.e. to construct an export-directed insulin plant which should take a regional character, and to ensure production of the highest quality of insulin in the world.

"There are two technologies in the world and we are ready to invest in the insulin plant if the most modern technology is applied," Akhundov said. AIC will own nearly 25% of the share in the project.

The requirement to solve the problem of the shortage of insulin at a state level rose due to the rapidly increasing demand of this medicine in the country. The implementation of the project will fulfill the need of the drug at the expense of domestically-produced high-quality insulin, as well as creating the possibility to export this medicine. The project is estimated at $12 mln.