By Azernews

By Ayya Lmahamad

Azerbaijan and Turkey have signed a memorandum of understanding on the production and distribution of pharmaceutical products, on December 17.

The corresponding agreement was signed with the participation of Azerbaijan's Economy Minister Mikayil Jabbarov, Demiroren Holding Board Chairman Yildirim Demiroren and Turkish Ambassador Jahit Bagchi.

"We signed a Memorandum Of Understanding with brotherly Turkey’s Demiroren Holding on the production and distribution of pharmaceutical products," Jabbarov wrote on his official Twitter page.

The project envisages an investment of $40 million dollars in the country's economy, application of best practices and provision of new jobs.

Mikayil Jabbarov stressed that the project will be an important start for local production in the pharmaceutical market.

In turn, Demiroren Holding's head noted that the investment will be made in two stages. 

"The first stage is planned to be completed within three years. Then we will proceed to the second stage. The holding will create 500 jobs," he said.

Stressing the importance of investment, the Turkish ambassador noted that the two countries cooperate in all spheres.

Additionally, it was noted that the final agreement on the project for the construction of a pharmaceutical plant is planned to be signed within three months, and the foundation of the enterprise will be laid in the coming months.

Azerbaijan and Turkey cooperate in various fields of economy and have jointly completed giant energy and infrastructure projects such as Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Kars, and TANAP.

On June 15, Azerbaijan and Turkey signed the Shusha Declaration on Allied Relations, which focuses on defence cooperation, promoting regional stability and prosperity, and establishing new transportation routes.

In the first ten months of 2021, the trade turnover between Azerbaijan and Turkey amounted to $3.4 billion. The trade turnover between the two countries amounted to $4.1 billion in 2020.

The two countries set up a goal to bring the mutual trade turnover to $15 billion in 2023. It should be noted that so far, Turkey is Azerbaijan’s second-largest investor followed by the UK.

Additionally, Turkey was one of the first countries that expressed its interest and readiness to participate in the restoration of Azerbaijan’s liberated territories.