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Bulgaria can be main supplier of pharmaceutical products to Azerbaijan

31 July 2017 14:00 (UTC+04:00)
Bulgaria can be main supplier of pharmaceutical products to Azerbaijan

By Sara Israfilbayova

Bulgarian companies are interested in the Pirallahi Industrial Park and currently exploring the possibilities for future cooperation.

Azerbaijani Ambassador to Bulgaria Nargiz Gurbanova said in an interview with Trend that the embassy has sent Bulgarian business associations the necessary information about the activities of the Industrial Park in Pirallahi, which aroused great interest among businessmen.

"Great prospects for cooperation between the two countries exist in pharmaceutical sector. Bulgaria was traditionally considered one of the main countries supplying pharmaceutical products to the countries of the Union of Soviet Socialist Republics (USSR), including Azerbaijan, in the 1970s and 1980s,” the ambassador mentioned.

The Pirallahi Industrial Park was created by the order of the President of Azerbaijan Ilham Aliyev in September 2016 and specializes in the production of pharmaceutical products.

Currently, 3 pharmaceutical 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 Azerbaijan Investment Company (AIC). The foundation of the Hayat Farm was laid in November 2016, which should be producing finished products by the end of 2019.

The joint pharmaceutical plant between Iranian company Tamin Pharmaceutical Investment Company (TPIC) and Azerbaijan’s Azersun Holding, Caspian Pharmed became the second resident of the plant. The foundation of the plant was held in January 2017.

The project cost is more than $20 million. The joint plant is to be operational in summer 2018 and in the first stage it will produce 84 medicines.

The Azerbaijani company Diamed Co, founded in April 2017, is the third resident of the Pirallahi Industrial Park.

The diplomat went on to say that fragrance industry is another priority area for cooperation between the two sides, further adding that in October-November 2017, it is planned to hold a business forum with participation of businessmen of the two countries.

Earlier, Gurbanova noted that Azerbaijan and Bulgaria are eager to expand cooperation in such areas as agriculture, trade, tourism, ICT, transport and energy.

Moreover, Azerbaijan and Bulgaria plan to sign an agreement on social security.

The document will regulate the right to receive pensions and unemployment benefits for citizens of Azerbaijan and Bulgaria who work or worked in one of the two countries (currently, Azerbaijan has such agreements with Turkey, Ukraine, Belarus, Moldova, Kazakhstan, Uzbekistan, Kyrgyzstan, Turkmenistan and Georgia).

Bulgaria recognized the independence of Azerbaijan on January 14, 1992 and the diplomatic relations between the two countries were established on June 5, 1992.

Both countries are members of the Organization of the Black Sea Economic Cooperation (BSEC).

The trade turnover between Bulgaria and Azerbaijan reached almost $6.39 million in January-June 2017, $6.3 million of which fell on imports from this country, according to Azerbaijan’s State Customs Committee.

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