Turkish company to set up production of pharmaceutical products in Azerbaijan

Demirören Holding, a Turkish conglomerate company, will invest in the sale and production of pharmaceutical products in Azerbaijan. In this regard, a Memorandum of Understanding (MoU) was signed between the Azerbaijani Economy Ministry and Demirören Holding.

Report informs, citing the Economy Ministry, that the memorandum envisages the establishment of a joint venture in Azerbaijan. In keeping with the memorandum, Demirören Holding will invest up to $40 million in the project.

The MoU was signed at a meeting with a delegation of Demirören Holding at the Economy Ministry. The document was signed by Economy Minister Mikayil Jabbarov and Chairman of the Board of Demirören Holding Yildirim Demirören. The memorandum envisages the organization of production and sale of pharmaceutical products by establishing a joint venture in Azerbaijan. It is planned to allocate an appropriate area in Pirallahi Industrial Park for the construction of the enterprise, with the participation of the Azerbaijan Investment Company in the project and the creation of new jobs with at least 150 of them being locals. The production process will be organized in accordance with GMP standards on the basis of relevant licenses of leading qualified companies.

The agreement also covers the exchange of knowledge and experience, the development of research programs at local universities, and support for the development of related industries.

Demirören Holding is a Turkish conglomerate company. The holding includes companies in the energy, real estate, construction, education, media, advertising, tourism, digital technologies sectors. The group of companies also organizes Turkey's leading lottery games. Demirören Holding, which has set up a joint venture with the famous Italian gaming operator Sisal SpA in 2019, acquired the operating rights of the Turkish national lottery Milli Piyango for the next 10 years. The holding is also engaged in the import of the latest international gaming technologies.

Demirören Holding is also the owner of one of the largest media groups in Turkey. The media group includes popular TV and radio channels such as CNN Turk, Kanal D, Milliyet, Hürriyet, Posta, and other newspapers.

Under a contract signed in February 2021, Azerlotereya OJSC was transferred to the management of YMT Sans B.V., which is part of Demirören Holding. Taking advantage of the favorable business and investment climate created in Azerbaijan, Demirören Holding has decided to start its second project as soon as possible after Azerlotereya.