The corresponding agreement was signed with the participation of the Minister of Economy of Azerbaijan Mikayil Jabbarov, Chairman of the Board of Demiroren Holding Yildirim Demiroren and Turkish Ambassador to Baku Jahit Bagchi.
According to Jabbarov, the project will be an important start for local production in the pharmaceutical market.
The head of Demiroren Holding said that the investment will be made in two stages. The first stage, he said, is planned to be completed within three years.
"Then we will proceed to the second stage. The holding will create 500 jobs," he said.
The Turkish Ambassador to Azerbaijan also stressed the importance of investments. He noted that Azerbaijan and Turkey cooperate in all spheres.
According to Bagchi, until now, the construction sector prevailed in Turkey's economic ties, but now investments are also being made in healthcare, tourism, industry and medicine.
In addition, it was noted that the final agreement on the project for the construction of a pharmaceutical plant is planned to be signed within three months. The foundation of the enterprise will be laid in the coming months.