A new production facility is planned to be established through cooperation between the Indian international packaging company “UFlex Limited” and the Azerbaijan Business Development Fund (ABDF).
This was reported to “Elchi” by the Ministry of Economy.
The project will be implemented through “Flex Middle East FZE,” the company that manages the international assets of “UFlex Limited.” To this end, a Joint Participation Agreement was signed between the ABDF, “Flex Middle East FZE,” and the Azerbaijan-Uzbekistan Investment Company within the framework of the Second Azerbaijan International Investment Forum.
The production project, valued at 117.7 million US dollars, will be implemented in the Alat Free Economic Zone (AFEZ). For the purpose of project execution, the company “Flex Films AZB AFEZCO” has been established, and a 4.7-hectare land plot has been allocated in AFEZ for the creation of the facility. Within the framework of the project, it is planned to create a modern enterprise with an annual production capacity of 60,000 tons.
The implementation of the project will contribute to the development of the non-oil and gas sector in Azerbaijan, the expansion of export-oriented production, the attraction of foreign investments, and the development of the packaging industry in our country.
It should be noted that 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 more than 150 countries and has production facilities that meet international standards in 9 countries.