INVESTMENT AGREEMENT SIGNED BETWEEN AZERBAIJAN INVESTMENT COMPANY AND BALACANS AGRO FOOD LLC
May 16, 2022
Wide measures in the direction of in the effective use of existing economic potential, development of entrepreneurship, export-oriented industries, expansion of production enterprises and other areas are being taken in Balakan region, where the production of agricultural products is dominating.
Deputy Minister of Economy Niyazi Safarov, Executive Director of “Azerbaijan Investment Company” Ulvi Mansurov, Head of Balakan District Executive Power Islam Rzayev, Chairman of the Board of Directors of “Balacans Agro Food” LLC and Head of Balakan Cannery named after A.A. Ansukhski Abdulgadir Ansukhski have participated at the meeting in Balakan. During the meeting the information on the activities of Balacans Agro Food LLC has been provided and discussions on the realization of the agro-industrial potential and the development of entrepreneurship of the region has been held.
Balacans Agro Food LLC operates in production, packaging (Cappy fruit juice for Azerbaijan Coca-Cola Bottlers LTD LLC, etc.), sales of food products, planting orchards and one-year plants, cold storage and packaging of energy drinks.
An investment agreement has been signed between Balacans Agro Food LLC and Azerbaijan Investment Company (AIC). According to the agreement, AIC will participate in the project on a share basis, which envisages the expansion of production lines, the implementation of various canned salads, compotes, jams, fruit drying and other new investment areas. The project will create about 100 permanent jobs. The company will benefit from the use of the existing agricultural products from the region where it operates in order to export its products to local and foreign markets.
After the signing ceremony, the meeting participants got acquainted with the activities of Balacans LLC.
Latest
Mar 12, 2025
EU remains Azerbaijan's main trade partner - Ambassador
News
The European Union (EU) is the strongest market for Azerbaijan, said the Head of the EU Delegation to Azerbaijan, Ambassador Peter Michalko, APA-Economics reports
Mar 12, 2025
Italian Ambassador: Diplomatic relations between Italy and Azerbaijan are very strong
News
Diplomatic relations between Italy and Azerbaijan are very strong, said Italy's Ambassador to Azerbaijan, Luca Di Canfrancesco, while answering journalists' questions at ADA University, APA reports.
Mar 11, 2025
Azerbaijan, Spain ink MoU on Strategic Economic Cooperation
News
Azerbaijan’s Minister of Economy Mikayil Jabbarov met with María Amparo López Senovilla, Spain’s Secretary of State for Trade, to discuss prospects for strengthening economic cooperation between the two countries.
Mar 10, 2025
Azerbaijan and partners urge EU to grant PMI status for major green energy project
News
Azerbaijan, Georgia, Hungary, and Romania have sent a letter to the European Union Energy Commissioner, Kadri Simson, requesting Project of Mutual Interest (PMI) status for the "Black Sea Energy" project, a major underwater electricity cable initiative.
Mar 05, 2025
S&P reveals forecast for Azerbaijan’s foreign debt
News
“S&P Global Ratings” international rating agency has revealed its forecast regarding Azerbaijan’s foreign debt.
Feb 13, 2025
Spain hosts conference on EU-Azerbaijan relations
News
Spain has recently hosted a conference on European Union-Azerbaijan relations, jointly organized by the Center for the Analysis of International Relations (AIR Center) and King Juan Carlos University (Universidad Rey Juan Carlos) with the support of the Azerbaijani Embassy in Spain,
Jan 22, 2025
EBRD finances water infrastructure in Ganja, Azerbaijan
News
The EBRD has signed a €35m loan with Azerbaijan to upgrade Ganja’s water systems. Following the COP29 Azerbaijan memorandum, this is the first step in a larger programme to improve services for 300k+ residents.
Jan 11, 2025
Azerbaijan, Latvia explore prospects for tax cooperation
News
Orkhan Nazarli, Head of the State Tax Service under Azerbaijan’s Ministry of Economy, President of the Intra-European Organisation of Tax Administrations (IOTA), held a virtual meeting with Baiba Šmite-Roķe, Director General of the State Revenue Service of Latvia.
Jan 06, 2025
IFC issues manat bonds to boost Azerbaijan’s climate and social projects
News
The International Finance Corporation (IFC), a key member of the World Bank Group, has issued bonds denominated in Azerbaijani manat (AZN) to expand access to loans for small, micro, and medium enterprises in Azerbaijan.
Dec 27, 2024
Renewables account for 24.5% of EU energy use in 2023
News
In 2023, 24.5% of gross final energy consumption in the EU came from renewable sources, up by 1.4 percentage points compared with 2022.
Dec 26, 2024
Azerbaijan to digitise public administration with €43 million loan from EIB Global
News
The European Investment Bank’s global arm (EIB Global) has signed a €43 million loan agreement to develop a digital infrastructure for governmental services.
Dec 17, 2024
"Green Future" knowledge competition
News
If you are ready to transform your green ideas into powerful and tangible solutions, join the European Union's "Green Future" knowledge competition!
