Azerbaijan and Jordan are looking out for new opportunities in order to establish a joint pharmaceutical venture, thereby signalling a very robust step towards much deeper economic cooperation.
As per Azernews, this occurrence was highlighted by Yarub Al-Guda, the Jordanian Minister of Industry, Trade, and Supply, at the fourth meeting of the Intergovernmental Commission on Trade, Economic, and Technical Cooperation between both countries that was held in Baku.
It is well to be noted that Jordan ranks first among the Arab countries when it comes to the development of the pharmaceutical sector. Azerbaijan, on the other hand, is also seeking possibilities to develop its pharmaceutical sector. According to Yarub Al-Guda, they indeed see great potential for partnership as far as this direction is concerned.
The minister added that as they discussed during the bilateral negotiations, cooperation can start with the supply of all the incomplete pharmaceutical products along with the establishment of a joint venture with the Azerbaijani side. The final stage of production will be carried out in Azerbaijan, post which it will be possible to export products not just to the local market, but to the regional markets as well.
Y. Al-Guda also expressed his confidence that this joint pharmaceutical venture can go ahead and deliver tangible outcomes, and that too in a short period of time, thereby adding that it could also go on to open certain new avenues in terms of collaboration throughout other areas.
Sahil Babayev, the Azerbaijani Minister of Finance, reaffirmed the strong interest in advancing the pharmaceutical capacities of the country by Azerbaijan.
He said that the meeting is indeed going to be very useful for all of them and that he suggests that both sides continue with the discussions in order to evaluate the possibility of coming up with a mechanism that is mutually beneficial for cooperation. He further said that such opportunities do exist, and the fact is that they need to identify them.
As per him, Jordan is very strong when it comes to the pharmaceutical sector. The overall value of pharmaceutical products that are exported by the country goes beyond $1 billion. The minister also added that they are indeed interested in terms of establishing a pharmaceutical industry in Azerbaijan.
S. Babayev went on to note that Azerbaijan is already cooperating along with many countries within this sector and also underscored that the industrial parks of the country do offer very attractive incentives in addition to a favorable environment when it comes to pharmaceutical investment.
