Japanese company wants to create global center in Azerbaijan

Japan's TET International Development Company will increase investments in Azerbaijan and create a global center, said the head of the company Taro Sawada, Report informs.

"Azerbaijan has a great potential for agriculture business, so we will continue to invest in the agricultural sector. To this end, we study the financial and logistics markets that are of interest to us. From North to South, from West to East, we have plans to create a global center using the position of Azerbaijan, which has different cultures and regions," he noted.

According to Sawada, the company has established modern tobacco curing facilities in Oguz, Sheki, Zagatala, and Tovuz districts, employing 1,776 people:

"Our business model is to grow seeds in fields and greenhouses hydroponically and transfer them to the main field, collect tobacco leaves after about 3 months, and dry them in the most modern machine within a week. Dried tobacco is sorted, squeezed, and exported. At present, 80% of our products are shipped. Cigarettes are much cheaper in Azerbaijan than in other countries because the domestic selling price of raw materials is low."

To date, TET has invested $ 12 million in Azerbaijan. The company plans to invest another $ 30 million in 2022-2024. An investment plan of $ 10 million for 2022 has already been approved. It is intended to build 3 factories this year.