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.

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