Azerbaijan, Russia to open joint pharmaceutical plant
02 December 2019
Azerbaijan and Russia will open a joint pharmaceutical company Hayat Pharm near Baku, Azerbaijan’s Deputy Prime Minister Shahin Mustafayev has said.
“The Russian R-Pharm company’s drug manufacturing plant will be inaugurated in the territory of Pirallahi [near Baku] industrial park as part of the meeting of the intergovernmental commission in Baku,” Shahin Mustafayev said on the sidelines of the 10th Russian-Azerbaijani Interregional Forum held in Moscow.
In his words, USD 80M will be invested in the project. “The first phase is ready. I hope that soon we will begin building the second stage,” Mustafayev said.
The Deputy Prime Minister also said that the Russian-Azerbaijani relations developing very successfully in all directions.
“I would like to highlight the huge growth in trade volume last year - it increased by almost 20%. In the first nine months of this year, we have already seen a 24% increase in trade turnover. Against the background of trade wars, sanctions, and embargos, obtaining such results is especially pleasant and extremely important for the development of economic ties between our countries,” Mustafayev stressed.
The annual production capacity of the Hayat Pharm plant, founded by Azerbaijan Investment Company OJSC, Azerbaijan’s Vita-A and Russian R-Farm, will be 22.5 million packages or 500 million tablets and capsules. In general, the plant will produce 89 kinds of medicines at the initial stage. Investments in the plant are estimated at USD 74M.