BAKU, Azerbaijan, September
29. A plant for the manufacturing of packaging
products valued at $117.7 million will be established in
Azerbaijan’s Alat Free Economic Zone (AFEZ) through the
collaboration of India's UFlex Limited and the Azerbaijan Business
Development Fund (ABIF).
This was announced in a statement by the Azerbaijani Ministry of
Economy.
According to the ministry, it’s planned to establish a new
manufacturing facility based on cooperation between UFlex Limited,
an international company specializing in the packaging industry,
and ABIF, which operates under the Ministry of Economy. It was
noted that the project will be implemented through Flex Middle East
FZE, the company that manages UFlex Limited's international
assets.
"To this end, a Joint Participation Agreement was signed among
ABIF, Flex Middle East FZE, and the Azerbaijan-Uzbekistan
Investment Company during the Second Azerbaijan International
Investment Forum," the statement emphasized.
The ministry also shared details of the plant’s
construction.
"To carry out the project, the company Flex Films AZB AFEZCO has
been established, and a 4.7-hectare land plot within AFEZ has been
allocated for the creation of the facility. The project entails the
establishment of a modern plant with an annual production capacity
of 60,000 tons.
The implementation of this project will contribute to the
development of Azerbaijan's non-oil and gas sector, the expansion
of export-oriented production, the attraction of foreign
investment, and the growth of the country's packaging industry,"
the statement noted.
UFlex Limited is an international company founded in India in
1985. The company specializes in the production of packaging films,
packaging materials, and related products and technologies. UFlex
exports its products to over 150 countries and operates
manufacturing facilities that meet international standards across
nine countries.
