17 January 2017
Baku – The ground breaking ceremony was held in Pirollahi Industrial Township in Baku on Monday for construction of Iran-Azerbaijan pharmaceutical plant.

In the ceremony, Iran's Minister of Cooperatives, Labor and Social Security Ali Rabiee, Minister of Economy of Azerbaijan Republic Shahin Mustafayev, Ambassador Javad Jahangirzadeh and a group of officials from both countries were present.

The joint venture factory with more than 21 million dollar investment by Iran and Azerbaijan Republic is to be operational in summer in 2018 and in the first stage it will produce 84 medicines.

Iran has a share of 49 percent in the plant.

The trade mark of the plant for its products will be 'Caspian Far med.'

Mustafayev told the ceremony that construction of the factory is very important to meet demands for different types of medicine in the Azerbaijan Republic.

He said that Azerbaijan Republic imports needed medicine and construction of such a factory will mark a fundamental development for the country and an opportunity to export part of the products to the neighboring states, including Russia, Georgia and Kazakhstan.

Mustafayev expressed his country's interest in continued cooperation with Iran in different economic fields and said the two countries have high level ties in different politico-economic and cultural domains.

He also recalled a joint venture automobile factory, that is under construction on 68 kilometers of lands in Neftchala Industrial Township south of Baku and said there are several other joint venture projects due to be implemented.

Rabiee said in turn that the move is an outcome of useful negotiations, held between the two countries, adding that the two states are to implement joint venture projects in the fields of industry, energy, transportation and tourism.

Rabiee, heading a delegation comprising economic officials and several parliament deputies, arrived in Baku on Monday for a two-day visit.

The Iranian minister is to meet Azeri President, Ilham Aliyev, Prime Minister, Artur Rasizade, and several senior officials of Azerbaijan Republic.

© IRNA 2017