Azerbaijan’s Alat FEZ, Israel’s BioPharmax ink cooperation accord

By Azernews

By Ayya Lmahamad

Azerbaijan’s Alat Free Economic Zone Authority and Israel’s BioPharmax company have signed the first cooperation contract, Azernews reports per Trend.

The document was signed by Alat FEZ Authority Board Chairman Valeh Alasgarov and BioPharmax CEO Sarel Chen-Tov.

Speaking at the signing ceremony, Valeh Alasgarov stated that BioPharmax will open a representative office of its company in Azerbaijan (BioPharmax AFEZCO), adding that an area of three hectares will be allocated for the Israeli company.

“The company intends to use modern equipment in the production of medical products, and the products will be primarily exported,” he said.

He added that a special legal framework and appropriate modern infrastructure have been created for entrepreneurs and investors.

“I’m sure that given all these advantages, the company will manufacture about 50 types of medical products,” he said.

BioPharmax branch in Alat FEZ

Sarel Chen-Tov stated that the opening of a branch of BioPharmax on the territory of Alat FEZ will allow the expansion of the company’s presence in the region.

He added that the implementation of this project will fully provide the Azerbaijani market with BioPharmax’s products and allow to decrease the country’s dependence on the import of medications from countries such as Kazakhstan, Belarus, the U.S., and European countries.

“Israel plans to establish a partnership with medical institutions and medical universities of Azerbaijan and create a joint analytical center in the future,” he added.

Transport & logistics center within Alat FEZ

Moreover, Valeh Alasgarov stated that the construction of a transport and logistics center is planned on the territory of the Alat FEZ.

“Railway infrastructure will be created on an area of 160,000 square meters and a highway will be built,” he said.

Noting that private investments will be attracted to implementing this initiative, he added that it is planned to complete the project in the next two years.