Weekly economic review (Sept.8-12)

Analysis Materials 15 September 2014 16:47 (UTC +04:00)

Azerbaijan, South African Republic to create JV for modernization of helicopters

Paramount Group of the South African Republic has signed a joint venture agreement with Azerbaijan's AirTechServices Corporation to form Paramount Aerospace Azerbaijan, defenceweb.co.za website reported.

The joint venture will offer manufacturing capabilities for the modernization and enhancement of helicopters and fixed wing aircraft.

The agreement was signed in Baku, the capital of Azerbaijan during the Azerbaijan International Defense Industry Exhibition (ADEX-2014) on Sept.11.

Paramount company is a leader in cutting edge aerospace technologies in the sphere of manufacturing, upgrading and integrating various capabilities across a range of helicopters and fixed wing aircraft platforms, including Mi-17 and Mi-24 helicopters and Su-25 and MiG-29 aircraft.

The joint venture agreement was signed by the Chairman of the Board of
AirTechServices, Fuad Seyidaliyev, and the Executive Chairman of Paramount Group, Ivor Ichikowitz.

"Paramount Group has a long association with Azerbaijan. Our partnership started out in land systems and this relationship has strengthened as the country developed into the fast-growing economic powerhouse that it is today. It is very exciting that we can build on this foundation to establish advanced aerospace capabilities in Azerbaijan," Ichikowitz said.

Seyidaliyev, for his part pointed out that the joint venture brings together leaders in aerospace innovation in a strong and unique partnership.

Paramount Aerospace Azerbaijan will present a wide range of aerospace capabilities and technologies to the CIS market, according to Paramount.

Also at ADEX, Paramount announced that it has handed over another six Marauder armored vehicles to the Ministry of Defense Industry of Azerbaijan.

These form part of a second tranche of 60 armored vehicles for Azerbaijan, with Paramount having previously delivered the first batch of 30 vehicles to that country's armed forces.