Azerbaijan, Iran launch plant construction in Baku

EghtesadOnline: A groundbreaking ceremony of Caspian Pharmed, an Azerbaijan-Iran joint pharmaceutical plant, was held in the Pirallahi Industrial Park in Baku.

News ID: ۷۷۳۲۳۷

17 January 2017

According to Trend news, Azerbaijani Minister of Economy Shahin Mustafayev and Iran’s Minister of Cooperatives, Labor and Social Welfare Ali Rabiei attended the ceremony.

Azerbaijani Deputy Economy Minister Niyazi Safarov, Director General of Azersun Holding Savas Uzan, Executive Director of the Azerbaijan Investment Company Rovshan Najaf also attended the ceremony, ILNA reported.

In the joint plant, 49 percent of the shares belong to Iran’s Tamin Pharmaceutical Investment Company, while 25 percent go to the Azerbaijan Investment Company and 26 percent to Azersun Holding.

Iran's Darou Pakhsh Holding Company inked a memorandum of understanding with the Azerbaijan Investment Company and Azersun Holding in Baku April 21, 2016. Over $30 million has been invested in the establishment of the joint plant.

The plant will be commissioned within two years. At the first stage, 200 million tablets and capsules, as well as 84 drugs, including essential ones for treatment of heart diseases, contagious diseases, non-communicable diseases, as well as various types of antibiotics and painkillers are expected to be produced at the plant annually.