Azerbaijan, Iran sign docs on medicine, vehicle manufacturing (UPDATE)
Details added (first version posted on 13:06)
Baku, Azerbaijan, Apr. 21
By Anvar Mammadov - Trend:
A signing ceremony of four memoranda between the Azerbaijani and Iranian companies within the framework of joint projects' implementation in the sphere of medicine and vehicles manufacturing took place in Baku Apr. 21.
The documents were signed during the Iranian delegation's visit to Baku headed by Minister of Communications and Information Technology Mahmoud Vaezi.
The memoranda were signed between the Sumgait Chemical Industrial Park, Azerbaijan Investment Company OJSC, Azersun Holding, as well as Iranian major pharmaceutical company Darou Pakhsh and leading vehicle manufacturer Iran Khodro.
The documents were signed by Director of Sumgait Chemical Industrial Park Nazim Talibov, Executive Director of Azerbaijan Investment Company OJSC Rovshan Najaf, Director General of Azersun Holding Savas Uzan, Director of Azeurocar LLC Alakbar Farajev, Executive Director of Darou Pakhsh company Kambiz Amjadi and Deputy Director for Export of Iran Khodro company Saeed Tafazoli.
Azerbaijan Investment Company OJSC, Azersun Holding and Iranian Darou Pakhsh signed a memorandum of understanding on the organization of pharmaceutical production in accordance with international standards. The established joint venture will be financed by these companies.
The plant is planned to produce 52 kinds of medicines, including painkillers, antibiotics and vitamins, which will primarily be intended for the domestic market.
The enterprise will become a resident of Sumgait Chemical Industrial Park, and the park has also signed a memorandum with Darou Pakhsh.
In addition, Azeurocar LLC and the Iranian company Iran Khodro signed a memorandum on the joint production of passenger cars and spare parts to them.
In accordance with the memorandum, models of cars will be determined at the first stage of the project, and then a business plan prepared. The project will be implemented in Azerbaijan's Neftchala Industrial Quarter, and a memorandum was signed between the Azerbaijan Investment Company OJSC and Azeurocar LLC in connection with this fact.