Pirallahi:President of the Republic of Azerbaijan Ilham Aliyev attended the inauguration of a new pharmaceutical manufacturing plant by Gen Pharma Caucasus Manufacturing Operations LLC in Pirallahi Industrial Park.

According to Azerbaijan State News Agency, Minister of Economy Mikayil Jabbarov briefed President Aliyev on the operations of the industrial zones, including Pirallahi Industrial Park, which was established in 2016. The park aims to support the pharmaceutical industry, reduce import dependency, encourage local production, and boost employment. It currently hosts six residents.

Azerbaijan operates eight industrial parks, with a new one being developed in Nakhchivan and plans underway for the West Industrial Park. Abidin Glms, founder of Gen Pharma Caucasus, provided details about the new enterprise to President Aliyev.

The plant, which became a resident of the industrial park in 2023, involves investments from Turkey's Gen Ilac ve Saglik Ürnleri Sanayi A.S., the Azerbaijan Business Development Fund, and Turkey's SIA Pharmaceuticals. The project is valued at 113.9 million manats, with significant private and fund contributions. The facility benefits from tax exemptions due to its park residency.

Spanning 5.2 hectares, the plant has an annual capacity of 60 million medicine boxes. It will produce a variety of pharmaceuticals and aims to localize over 500 medicines within five years, catering to domestic needs and expanding its export range.

Equipped with advanced machinery from multiple countries, the plant meets high international standards. Its products are set for domestic sale and export to several nations. The facility will also create 178 permanent jobs and engage in educational partnerships with local universities.