About 21 mln USD to be invested in Pirallahi Industrial Park plant

Baku, January 17, AZERTAC

In the first stage, 20.6 million USD will be invested in the Pirallahi Industrial Park’s Construction, Azerbaijani Minister of Economy Shahin Mustafayev said.

The plant will be built on an area of 5 hectares.

The minister said that the second pharmaceutical plant in the Industrial Park will produce analgesics, cardiovascular agents, non-steroidal anti-inflammatory drugs, antihistamine medicines, as well vitamins and nutritional supplements: "According to the instruction of the President of Azerbaijan, development of a new industrial area has been launched in the country. Foundation of the first plant was laid on November 2 last year together with Russian company. Today, construction of another plant was launched jointly with Iran. The plant will be supplied with equipment manufactured in Germany and Italy. Construction works will last nearly 1.5 years. Production will launch in the third quarter, 2018. Medicines to be manufactured here will meet the highest standards".

According to Shahin Mustafayev however, a large part of the medicines will be directed to the domestic consumption in Azerbaijan, certain part will be exported: "According to the presented business plan, the medicines will be exported to Russia, Georgia and Kazakhstan. 90 jobs will provided in the first stage, minimum wage will make 700 AZN. Also, the plant will benefit from state concessions for business entities for the period of 7 years. Internal rate of return will make 17.24%, which is high level of profitability".

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