Azerbaijan plans to build a $117.7 million packaging production plant in the Alat Free Economic Zone, according to Vestibaku.
The project is expected to have annual production capacity of 60,000 tons and will be developed under a joint participation agreement involving the Azerbaijan Business Development Fund, Flex Middle East FZE and the Azerbaijan-Uzbekistan Investment Company.
Flex Middle East FZE manages the international assets of India’s UFlex Limited. A company called Flex Films AZB AFEZCO has been established to carry out the project, and a 4.7-hectare site in the Alat Free Economic Zone has been allocated for the plant.
The facility is intended to support Azerbaijan’s non-oil economy and export capacity. The project is also expected to expand the country’s packaging industry and attract additional foreign investment.
No construction timetable or date for the plant to reach full capacity has been announced.