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Azerbaijan Investment Company OJSC (AIC) and Turkish company Gen Ilac ve Saglik Urunleri Sanayi ve Ticaret A.S. specialising in the production of pharmaceutical products have signed a partnership and joint participation agreement providing for the construction of a pharmaceutical plant on the territory of Pirallahi Industrial Park, Azernews reports, citing the Ministry of Economy of Azerbaijan.

At the event, Economy Minister Mikail Jabbarov stressed that thanks to the efforts of Azerbaijani President Ilham Aliyev and Turkish President Recep Tayyip Erdogan, relations between the brotherly states have reached an unprecedented level of strategic partnership. The high level of political relations between the countries determines the strengthening and development of ties between business circles, the successful implementation of joint initiatives.

The Minister emphasised that the development of modern infrastructure plays an important role in creating the necessary conditions for the reliable protection of the health of the population of Azerbaijan. A wide range of privileges and preferences are applied in the Pirallahi Industrial Park created for the development of the pharmaceutical industry. The realisation of the project on construction of the plant will allow reducing dependence on imports - the needs of the population in a number of pharmaceutical products will be met by local production. The plant will produce pharmaceuticals in various dosages and packages - a total of 100 types of products of 42 names. The initial investment cost of the project is USD 35 million, and more than 100 people will be permanently employed.

Chairman of the Board of Directors of Gen Ilac ve Saglik Urunleri Sanayi ve Ticaret A.S. Abidin Gulmuş expressed satisfaction with the company's activity in Azerbaijan and expressed confidence that the joint project on production of medicines will contribute to the well-being of the peoples of our countries.

AIC Executive Director Ulvi Mansurov informed us about the project on construction of the plant and noted that its implementation in our country will contribute to meeting the demand for pharmaceutical products, significantly reducing the dependence on imports.

Chairman of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship Tair Mirkishili and Chairman of the Parliamentary Committee on Health Care Ahliman Amiraslanov talked of measures implemented in Azerbaijan to protect public health and informed of the favourable legal framework for foreign investors.

The event included a demonstration of a video about a pharmaceutical plant to be built in Pirallahi Industrial Park.

Then the signing of the Partnership and Joint Participation Agreement was held between AIC and Gen Ilac ve Saglik Urunleri Sanayi ve Ticaret A.S. According to the document, a pharmaceutical plant with an initial annual production capacity of 35 million packages will be built in Pirallahi Industrial Park on the territory of 11.5 thousand square metres.

Then, a Partnership and Joint Participation Agreement was signed between AIC and Gen Ilac ve Saglik Urunleri Sanayi ve Ticaret A.S. According to the document, a drug production plant with an initial annual production capacity of 35 million packs will be built in Pirallahi Industrial Park on an area of 11.5 thousand square metres.

In the future, the medicines will be supplied to the countries of the region under the Made in Azerbaijan brand.

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