The Azerbaijan-Iran joint pharmaceutical plant will annually export medicines worth up to $100 million, Ali Rabiei, Iranian minister of labor and social welfare, told reporters in Baku Jan. 16.
The minister made the remarks after the ceremony of laying the foundation of the Caspian Pharmed plant in Baku.
Rabiei said that medicines are planned to be initially exported to Russia, Kazakhstan and Georgia.
Azerbaijan will be able to fully meet its medicine demand, he noted.
The Iranian side invests more than $11 million in the plant’s construction, while the project’s total cost is $20.6 million.
In April 2016, Iran’s Tamin Pharmaceutical Investment Company inked a memorandum of understanding with the Azerbaijan Investment Company and Azersun Holding in Baku as part of the project.
Rabiei also spoke about further plans on development of cooperation with Azerbaijan.
“We will expand cooperation with Azerbaijan in industry, tourism, transportation and other areas,” added the Iranian minister. “I would like to note that Azerbaijan is not only a neighbor for us; we have a common culture, religion and our cooperation has a strategic nature.”