A facility for the production of packaging products will be established in the Alat Free Economic Zone with the participation of India’s UFlex Limited and the Azerbaijan Business Development Fund (ABDF), the Ministry of Economy told APA-Economics.
A new production facility is planned to be established through cooperation between UFlex Limited, an international company specializing in India’s packaging industry, and the Azerbaijan Business Development Fund (ABDF), operating under the Ministry of Economy.
The project will be implemented through Flex Middle East FZE, which manages UFlex Limited’s international assets. For this purpose, a Joint Participation Agreement was signed between ABDF, Flex Middle East FZE and the Azerbaijan-Uzbekistan Investment Company within the framework of the Second Azerbaijan International Investment Forum.
The production project, valued at USD 117.7 million, will be implemented in the Alat Free Economic Zone (AFEZ). Flex Films AZB AFEZCO has been established for the implementation of the project, and 4.7 hectares of land have been allocated in AFEZ for the establishment of the facility. As part of the project, a modern facility with an annual production capacity of 60,000 tons is planned to be established.
The implementation of the 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 development of the packaging industry in the country.
It should be noted that UFlex Limited is an international company established 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 more than 150 countries and has production facilities meeting international standards in nine countries.
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