Azerbaijan attracts major Indian investment for Alat packaging plant

An Indian company is set to establish a large-scale packaging production facility in Azerbaijan’s Alat Free Economic Zone (FEZ) under a $117.7 million investment project.

As Caliber.Az reports, citing Azerbaijan’s Ministry of Economy, an agreement on establishing the facility was signed during the 2nd Azerbaijan International Investment Forum.

The agreement was signed by Flex Middle East FZE, which manages the international assets of India-based UFlex Limited, and the Azerbaijan-Uzbekistan Investment Company.

The joint venture will be established as part of cooperation between UFlex Limited and the Azerbaijan Business Development Fund (ABIF).

The project will be implemented on a 4.7-hectare site in the Alat FEZ and will have an annual production capacity of 60,000 tons.

“The $117.7 million project will contribute to the development of Azerbaijan’s non-oil and gas sector, expansion of export-oriented production, attraction of foreign investment and development of the packaging industry in the country,” the ministry said.

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

By Vafa Guliyeva