Azernews.Az

Thursday March 28 2024

Azerbaijani industrial park set to become local pharma center

15 December 2018 10:09 (UTC+04:00)
Azerbaijani industrial park set to become local pharma center

By Leman Mammadova

Establishment of industrial parks with modern production infrastructure envisages sustainable development of Azerbaijan's non-oil sector, increasing the export capability of the country's economy, as well as the production of competitive, import-substituting products, providing employment of local population.

At present, Pirallahi Industrial Park, Sumgait Chemical Industrial Park, Balakhani Industrial Park, Mingachevir Industrial Park and Garadagh Industrial Park are operating in the country.

The Pirallahi Industrial Park of Azerbaijan is expected to become an important center for the local production of pharmaceuticals, Executive Director of the German-Azerbaijani Chamber of Commerce (AHK Azerbaijan) Tobias Baumann, told Trend.

He went on to say that Germany together with Switzerland and Turkey are considered the world’s most important suppliers of pharmaceuticals, measured by the value of imports.

Bauman also said that Germany's pharmaceutical companies are interested in this sector and are observing the market considering the possible market entries in 2019-2020.

Azerbaijan plans to produce pharmaceutical products worth 1.3 million manats ($760,000) in 2019. The production will be expanded in subsequent years. Thus, the output will reach 38.8 million manats ($ 22.83 million) in 2020, 39.5 million manats ($ 23.24 million) in 2021 and 40.2 million manats ($ 23.65 million) in 2022 due to the operation of pharmaceutical companies here starting from 2019.

The park, established in 2016, is specialized in the production of pharmaceutical products. Here, as in other industrial parks, investors are exempted from various tax and customs duties for seven years.

The Pirallahi Industrial Park, located in the Pirallahi district of Baku, covers 30 hectares of land.

The foundation of this park aimed at the development of the pharmaceutical industry in the country, reducing dependence on imports in this area, meeting the medicine demand of the population and increasing employment.

The Pirallahi Industrial Park currently has four residents including the joint Azerbaijani-Russian plant Hayat Pharm, the Azerbaijani-Iranian plant Caspian Pharmed, the plant of Diamed Co., and the plant of IFFA. These plants are under construction.

Gilan Holding and India's "SunPharma" are currently negotiating to establish such a venture in Azerbaijan.

---

Follow us on Twitter @AzerNewsAz

Loading...
Latest See more