Pirallahi Industrial Park registers next resident
Diamed Co became the third resident of Azerbaijan’s Pirallahi Industrial Park. The Azerbaijani company, founded in April 2017, will set up production of disposable syringes in the Park.
The Economy Ministry reported that the plant will allow to meet demand of the domestic market, which will significantly reduce the import of disposable syringes, as well as create an export potential in this area.
"The plant, covering an area of one hectare, will produce 55-58 million syringes annually, based on advanced European, Japanese and Korean technologies. In the process of production, both imported and local raw materials will be used," the ministry said.
The factory plans to open 50 workplaces.
Currently, two joint pharma plants are being constructed in the Pirallahi Industrial Park.
The first plant is a joint venture with a group of companies R-Pharm (Russian Federation), Vita-A LLC (Azerbaijan) and AIC. The foundation of the Hayat Farm was laid in November 2016.
The total preliminary investment in the project exceeds $70 million. The plant should be producing finished products by the end of 2019.
The second pharmaceutical plant is Caspian Pharmed. The foundation of the joint pharmaceutical plant between Iranian company Tamin Pharmaceutical Investment Company (TPIC) and Azerbaijan’s Azersun Holding was held in January, 2017.
The project cost is more than $20 million. The joint plant is to be operational in summer in 2018 and in the first stage it will produce 84 medicines.
The Pirallahi Industrial Park was established by the order “On Establishment of Pirallahi Industrial Park” dated September 14, 2016 year of President Ilham Aliyev.
Minister of Economy Shahin Mustafayev previously said that $20.6 million will be invested in the Pirallahi Industrial Park’s Construction in the first stage.
Besides Pirallahi Industrial Park, Sumgayit, Garadagh and Balakhani Industrial Parks exist in the country, in Mingachevir and Ganja-are being constructed.
Investors, engaged in industrial parks, are exempted from the value added tax (VAT), customs duties, as well as contributions on compulsory state social insurance to 7 years.