Baku, Azerbaijan, April 23
By Ilkin Shafiyev – Trend:
A packing line will be commissioned at the pharmaceutical plant Hayat Pharm, which is a joint Azerbaijani-Russian project, by late 2018, Azerbaijani Economy Minister Shahin Mustafayev told reporters in Baku on April 23.
Previously, Azerbaijani Deputy Economy Minister Niyazi Safarov said the construction of Hayat Pharm will be completed by 2019. Safarov noted that $74 million have been invested in the plant’s construction.
Hayat Pharm will produce medicines of various pharmaceutical groups, including cancer, antifungal, antiemetic, antiviral and other drugs. The plant’s groundbreaking ceremony was held in Pirallahi Industrial Park in November 2016. Russia’s R-Pharm (45 percent), Azerbaijan Investment Company (AIC, 10 percent) and Azerbaijan’s Vita-A LLC (45 percent) are the plant’s shareholders.
Touching upon the development of the trade and economic relations between the two countries, Mustafayev noted that Azerbaijan intends to triple export to Russia in the next five years.
"We are doing huge work in this direction," the minister said.
According to the Azerbaijani State Customs Committee, trade turnover between Azerbaijan and Russia in 2017 amounted to $2.14 billion, of which about $1.5 billion accounted for the import of Russian goods.
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