The industrial parks are being created in the country to ensure sustainable development of innovative and high-tech competitive industries and increase employment in the manufacturing sector. Today, there are 5 industrial parks in Azerbaijan specializing in the chemical industry, recycling, light industry, shipbuilding and pharmaceuticals. The industrial parks have all the necessary facilities for entrepreneurs. In addition, residents of industrial parks are exempted from VAT, customs duties and taxes on income, property, land for 7 years, as well as import of machinery, technology and equipment.
Pirallahi Industrial Park was organized on the territory of Pirallahi district in accordance with the Presidential Decree from 14 September 2016 with the purpose to develop and support the pharmaceutical industry, reduce dependence on imports of pharmaceutical products, stimulate local production and increase employment in the production sector in meeting the demand of the population for medicines.
To date, five residents have been registered in Pirallahi Industrial Park, and creation of up to 650 permanent jobs is planned on the projects. Diamed Co LLC has been already operating in the industrial park.
The opening of an Azerbaijani-Russian joint venture for production of medicines R-Farm - another resident of the Pirallahi Industrial Park has taken place on 9 December. The ceremony was attended by Deputy Prime Minister Shahin Mustafayev, Minister of Economy Mikayil Jabbarov, Minister of Economic Development of Russia Maxim Oreshkin and Chairman of the R-Pharm Board of Directors Alexey Repik.
Note: The construction of the plant on an area of 4.6 hectares began in 2018. The enterprise was equipped with state-of-the-art equipment and technology produced by leading European companies. The annual production capacity of the enterprise worth $74 million will be 250 million tablets and capsules annually. The plant will be the first pharmaceutical complex in Azerbaijan, including laboratories, production and logistics units.
Along with the domestic market, it is planned to export the products to foreign countries.
