Azerbaijan Talks Investment Inflow In Pirallahi Industrial Park

(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 7. Azerbaijan's Pirallahi Industrial Park now has six residents and investments in the industrial park exceed 115 million manat ($67.6 million), Chairman of Azerbaijan Economic Zones Development Agency Elshad Nuriyev told reporters, Trend reports.

He made the remarks following the ceremony of laying the foundation of a pharmaceutical enterprise in Pirallahi Industrial Park.

"Pirallahi Industrial Park is mainly designed for pharmaceutical companies. The park consists of two parts: one is 20 hectares and the other is 10 hectares. After the foundation of today's enterprise was laid, there are no places left in the first part. The industrial park is fully provided with infrastructure. There are six residents in the park now, investments exceed 115 million manat ($67.6 million)," he noted.

According to him, the aim of local enterprises is to expand production, build close cooperation with the Faculty of Pharmacy, as well as export the products produced here along with providing the domestic market.

"That is, a certain part of the manufactured products will be directed to the domestic market and the rest for export," he added.

"Gen Pharma Caucasus Manufacturing Operations" received the status of a resident of Pirallahi Industrial Park. Thus, the number of residents of the industrial park has reached six.

On the territory of the industrial complex with the area of 7.8 hectares the company will produce high quality medicines in 42 names and various forms (pills, capsules, gelatin capsules, powder suspension, syrup, etc.) and dosage.

The enterprise with an investment cost of 59.3 million manat ($34.8 million) will employ 165 people. The enterprise with annual production capacity of 50 million packages will be built within the framework of trilateral cooperation between "Azerbaijan Investment Company", "Gen İlaç ve Sağlık Ürünleri Sanayi ve Ticaret A.Ş." and "Sia Pharmaceuticals" (Türkiye).

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