Serbian pharmaceutical firms might operate in Azerbaijan’s industrial zones

Serbian pharmaceutical companies can operate in the industrial zones of Azerbaijan, Azerbaijani Deputy Minister of Economy Sahib Mammadov said, Report informs.

Mammadov spoke about this at the 8th meeting of the Intergovernmental Commission on Trade and Economic Cooperation between Azerbaijan and Serbia.

“I would like to point out that we are developing industrial zones and agro-parks with modern infrastructure and extensive incentives. These industrial zones offer significant benefits to their residents, including exemptions from profit, land, property taxes, and VAT for imported equipment and installations for 10 years. In this context, we have high expectations for the ALAT Free Economic Zone,” he stated.

Moreover, the Baku International Sea Trade Port, located near the ALAT Free Economic Zone, aims to capture a greater share of the increasing volume of goods transported between the Asia and Europe, the deputy minister added.

Additionally, the strategic location of Baku Shipyard LLC, in proximity to Baku International Sea Trade Port and equidistant from the main seaports of other Caspian states, positions it as a modern hub for shipbuilding and repair, facilitating the transportation of goods and passengers within the Caspian basin, he pointed out.

“We invite Serbian investors to consider minor equity partnerships with Azerbaijan Investment Company,” Mammadov noted.