Indian company to establish packaging materials manufacturing plant in Azerbaijan
Baku, September 29, AZERTAC
An enterprise for the production of packaging products will be established in the Alat Free Economic Zone (AFEZ) with the participation of India's UFlex Limited and the Azerbaijan Business Development Fund (ABDF).
A new production facility is planned to be established through a partnership between UFlex Limited, an international Indian company specializing in the packaging industry, and ABDF, which operates under the Ministry of Economy. The project will be implemented through Flex Middle East FZE, the company that manages UFlex Limited's international assets. To this end, a Joint Participation Agreement was signed between ABDF, Flex Middle East FZE, and the Azerbaijan-Uzbekistan Investment Company within the framework of the Second Azerbaijan International Investment Forum.
The production project, valued at USD 117.7 million, will be carried out in AFEZ. To implement the project, Flex Films AZB AFEZCO has been established, and a 4.7-hectare plot of land has been allocated in AFEZ for the construction of the facility. Under the project, a modern facility with an annual production capacity of 60,000 tons is planned.
The implementation of the project will contribute to the development of Azerbaijan's non-oil and gas sector, the expansion of export-oriented production, the attraction of foreign investment, and the development of the packaging industry in the country.
UFlex Limited is an international company founded in India in 1985. The company specializes in the production of packaging films, packaging materials, and related products and technologies. UFlex exports its products to more than 150 countries and has production facilities that meet international standards in nine countries.
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