The opening of an Azerbaijani-Russian joint venture for production of medicines R-Farm - another resident of the Pirallahi Industrial Park has taken place on 9 December.

ABC.AZ reports that the ceremony was attended by Deputy Prime Minister Shahin Mustafayev, Economy Minister Mikail Jabbarov, Minister of Economic Development Maxim Oreshkin of Russia and Chairman of the R-Farm Board of Directors Alexey Repik.

The construction of the plant on an area of 4.6 hectares began in 2018. The annual production capacity of the enterprise worth $74 million will be 250 million tablets and capsules annually. The plant will be the first pharmaceutical complex in Azerbaijan, including laboratories, production and logistics units. Along with the domestic market, it is planned to export the products to foreign countries.

The Pirallahi Industrial Park was organized on the territory of Pirallahi district in accordance with the Presidential Decree from 14 September 2016 with the purpose to develop and support the pharmaceutical industry, reduce dependence on imports of pharmaceutical products, stimulate local production and increase employment in the production sector in meeting the demand of the population for medicines. To date, five residents have been registered in the Pirallakhin Industrial Park, and creation of up to 650 permanent jobs is planned on the projects. Diamed Co LLC has been already operating in the industrial park.