Azerbaijan’s Economy Minister Shahin Mustafayev and Iran’s Minister of Industry, Mine and Trade Reza Rahmani took part in the ceremony.
The bus and truck production plant will be built by Azermash Senaye LLC founded by Azermash (25 percent) and Kartal Az (75 percent).
The project cost is 10 million euros. At the first stage, the production capacity will be 500 buses and trucks per year, and at the second stage the production capacity will double.
The plant will employ up to 200 people. The estimated cost of the buses, which will be produced at the plant, will be 135-200,000 euros, and trucks 70-90,000 euros.