Indian company to manufacture packaging products in Azerbaijan

A new manufacturing facility is planned to be established in Azerbaijan through cooperation between India's international packaging company UFlex Limited and the Azerbaijan Business Development Fund (ABDF), operating under the Ministry of Economy, Report informs.

According to the Ministry of Economy, the project will be implemented through Flex Middle East FZE, a company managing UFlex Limited's international assets.

As part of the Second Azerbaijan International Investment Forum, a Joint Participation Agreement was signed between the ABDF, Flex Middle East FZE and the Azerbaijan-Uzbekistan Investment Company.

The $117.7 million manufacturing project will be implemented in the Alat Free Economic Zone (AFEZ). Flex Films AZB AFEZCO has been established for the project, while a 4.7-hectare plot of land has been allocated in AFEZ for the construction of the facility.

The planned plant will have an annual production capacity of 60,000 tons.

The project is expected to contribute to the development of Azerbaijan's non-oil and gas sector, expansion of export-oriented production, attraction of foreign investment and growth of the country's packaging industry.

UFlex Limited was established in India in 1985 and specializes in the production of packaging films, packaging materials and related products and technologies. The company exports its products to more than 150 countries and operates manufacturing facilities meeting international standards in nine countries.