Azerbaijan-Iran drug plant’s foundation to be laid Jan. 16

23:15   11 January 2017    770

Foundation of an Azerbaijan-Iran joint pharmaceutical plant in the Pirallahi Industrial Park will be laid Jan. 16, Trend learned from Azerbaijan’s Economy Ministry.

Iran’s Minister of Cooperatives, Labor and Social Welfare Ali Rabiei is expected to visit Azerbaijan in connection with the groundbreaking ceremony.

Over $30 million will be invested in the creation of the joint venture.

In April, Iran`s Darou Pakhsh Holding Company inked a memorandum of understanding with the Azerbaijan Investment Company and Azersun Holding in Baku as part of this project. In the joint enterprise, 49 percent of the shares belong to Iran, while 25 percent go to the Azerbaijan Investment Company and 26 percent to Azersun Holding.

The plant will be commissioned in two years. It is expected to produce dozens of essential drugs for treatment of heart diseases, contagious diseases, non-communicable diseases, as well as various types of antibiotics and painkillers.

/Trend/

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