A groundbreaking ceremony for Caspian Pharmed, an Azerbaijan-Iran pharmaceutical plant, was held in Pirallahi Industrial Park in Baku on Monday.
Azerbaijani Minister of Economy Shahin Mustafayev and Iran’s Minister of Cooperatives, Labor and Social Welfare Ali Rabiei attended the ceremony, Trend News Agency reported.
Azerbaijani Deputy Economy Minister Niyazi Safarov, Director General of Azersun Holding Savas Uzan and Executive Director of the Azerbaijan Investment Company Rovshan Najaf also attended the ceremony.
In the joint plant, 49% of the shares belong to Iran’s Tamin Pharmaceutical Investment Company, while 25% go to the Azerbaijan Investment Company and 26% to Azersun Holding.
Iran’s Darou Pakhsh Holding Company signed a memorandum of understanding with Azerbaijan Investment Company and Azersun Holding in Baku on April 21, 2016. Over $30 million have been invested for the establishment of the joint venture.
The plant will be commissioned within two years. In the first stage, it will annually produce 200 million tablets and capsules, as well as 84 drugs, including essential ones for the treatment of heart diseases, contagious diseases, non-communicable diseases, as well as various types of antibiotics and painkillers.
Add new comment
Read our comment policy before posting your viewpoints