Baku, Fineko/abc.az. The Memorandum of Understanding has been signed today between the Ministry of Economy of Azerbaijan and Hеyat Farm LLC within the framework of 23rd international exhibition BIHE-2017.
The Memo implies intentions of the parties on cooperation in the creation and development of pharmaceutical production on the highest technological standards. The document was signed by Deputy Economy Minister of Azerbaijan Niyazi Safarov and Ramin Hajiyev, General Director of Azerbaijani-Russian joint venture Hеyat Farm LLC.
The sides agreed to cooperate with the purpose of favorable conditions for successful implementation of the project on manufacture of medicines in Azerbaijan to meet international standards (including GMP, GDP, etc.) and distribution of pharmaceutical products both in Azerbaijan and other countries of the region.
Hеyat Farm, which has been represented in the BIHE-2017 exposition for the first time, is realizing the project in Pirallahi Industrial Park nearby Baku.
Heyat Farm is a joint venture established with 45% equity stakes of private company Vita-A LLC (Azerbaijan Republic) and group of companies R-Pharm (Russian Federation). Azerbaijan Investment Company (Ministry of Economy of Azerbaijan) is expected to join the project with a 10% equity stake in the coming days.
Commissioning of the first phase of the Hеyat Farm factory is scheduled for the end of 2018.