Demirören Holding Invests in Pharmaceutical Plant in Baku

Demirören Holding is establishing a pharmaceutical factory in Baku, the capital of Azerbaijan. The investment is expected to create employment for 500 people. A preliminary agreement was signed at a ceremony held in Baku. A ceremony was held for Demirören Holding's pharmaceutical investment, attended by Azerbaijan's Minister of Economy Mikail Jabbarov, Demirören Holding Board Chair Yıldırım Demirören and Turkey's Ambassador to Baku Cahit Bağcı. [caption id="attachment_131602" align="aligncenter"] Photo source: https://i2.milimaj.com/i/milliyet/75/770x0/61bb891d86b244234879be89.jpg[/caption]

Employment creation of 500 positions expected

In a statement on the matter, Demirören Holding Board Chair Yıldırım Demirören said: "This pharmaceutical sector investment is structured in two phases. We will complete the first phase within three years. Then we will proceed to the second stage. We expect it to create 500 jobs. We will carry out this project with R&D support from Abdi İbrahim, one of the leading names in the pharmaceutical sector." Azerbaijan's Minister of Economy Mikail Jabbarov said on the subject: "This is not the first investment between Demirören Holding and Azerbaijan. In the healthcare sector, it will open an important door to domestic production in the pharmaceutical market." Ambassador Cahit Bağcı also commented on the strategic investment: "Today, Turkey's relations are associated with construction companies. Now investments are being made in healthcare, tourism, industry and today in the pharmaceutical sector. An investment in Azerbaijan does not just benefit Azerbaijan. It provides an opportunity to access the Commonwealth of Independent States."