BAKU, Azerbaijan, September 29. A plant for the manufacturing of packaging products valued at $117.7 million will be established in Azerbaijan’s Alat Free Economic Zone (AFEZ) through the collaboration of India's UFlex Limited and the Azerbaijan Business Development Fund (ABIF).
This was announced in a statement by the Azerbaijani Ministry of Economy.
According to the ministry, it’s planned to establish a new manufacturing facility based on cooperation between UFlex Limited, an international company specializing in the packaging industry, and ABIF, which operates under the Ministry of Economy. It was noted that the project will be implemented through Flex Middle East FZE, the company that manages UFlex Limited's international assets.
"To this end, a Joint Participation Agreement was signed among ABIF, Flex Middle East FZE, and the Azerbaijan-Uzbekistan Investment Company during the Second Azerbaijan International Investment Forum," the statement emphasized.
The ministry also shared details of the plant’s construction.
"To carry out the project, the company Flex Films AZB AFEZCO has been established, and a 4.7-hectare land plot within AFEZ has been allocated for the creation of the facility. The project entails the establishment of a modern plant with an annual production capacity of 60,000 tons.
The implementation of this project will contribute to the development of Azerbaijan's non-oil and gas sector, the expansion of export-oriented production, the attraction of foreign investment, and the growth of the country's packaging industry," the statement noted.
UFlex Limited is an international company founded in India in 1985. The company specializes in the production of packaging films, packaging materials, and related products and technologies. UFlex exports its products to over 150 countries and operates manufacturing facilities that meet international standards across nine countries.
