VPS Healthcare (UAE) and the state-run Azerbaijan Investment Company (AIC) signed February 8 memorandum of understanding to build a new pharmaceutical plant in Azerbaijan. The parties agreed on the production of drugs on the basis of mutual investments, the press service of the Ministry of Economy said.
The company VPS Healthcare has a pharmaceutical factory Life Pharma in Dubai. The construction of the second plant is carried out in Abu Dhabi. It also owns 20 clinics, 13 hospitals and health centers in a number of Arab countries and India.
In 2016, AIC entered the capital of two companies that will be engaged in the construction of pharmaceutical plants in Azerbaijan. LLC Hayat Pharm and LLC Caspian Pharmed will act in the Pirallahy industrial park. Investments in the Azerbaijani-Russian company Hayat Pharm (share of AIC - 10%) amount to $ 74 million, and investments in the Azerbaijani-Iranian Company Caspian Pharmed (AIC - 25%) are $ 22.1 million.
According to the Ministry of Economy, the negotiations on the creation of new pharmaceutical enterprises in Azerbaijan are also underway with the European, Turkish and Japanese companies. -----08D
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