A Memorandum of Understanding was signed between the STP Group of Companies, a resident of the Sumgait Chemical Industrial Park under the management of the Economic Zones Development Agency (EZDA), and the Hungarian "Ikarus" company.

The Memorandum of Understanding was signed by Ruslan Agabayli, CEO of STP, and Zoltan Tanko, CEO of Ikarus.

According to the document, the companies will cooperate in several directions. Among these directions, production of "Ikarus" buses in Azerbaijan, increase of production capacity from 100 buses to 500 buses per year, localization of production in the Karabakh region in the near future, creation of a service center and other issues are planned.