British, Israeli firms to invest in building greenhouse in Azerbaijan
The Azerbaijan Investment Company (AIC) signed an agreement on
establishing a joint venture with Britain’s Marcin International
and Israel’s Myba Agro Project in Baku on Thursday. The enterprise,
AzAgro Export, will be set up as part of a $29.5 million project on
building a greenhouse, a refrigerating facility as well as
distribution and packaging workshop in the northern Khachmaz
district.
The AIC and Marcin International will each hold a 36.5 percent stake in the JV, while Myba Agro Project will hold the remaining 27 percent.
The implementation of the project will fetch foreign investment worth $18.8m to the Azerbaijani economy. The AIC’s investments will amount to $10.7m.
The project envisions growing about 1.4 million seed-plots and 6,000 tons of vegetables in the greenhouse in a year’s time.
75 to 85 percent of the produce is slated for export, while the rest will be sold in the domestic market. Russia and Kazakhstan are among key markets for the enterprise.*
The AIC and Marcin International will each hold a 36.5 percent stake in the JV, while Myba Agro Project will hold the remaining 27 percent.
The implementation of the project will fetch foreign investment worth $18.8m to the Azerbaijani economy. The AIC’s investments will amount to $10.7m.
The project envisions growing about 1.4 million seed-plots and 6,000 tons of vegetables in the greenhouse in a year’s time.
75 to 85 percent of the produce is slated for export, while the rest will be sold in the domestic market. Russia and Kazakhstan are among key markets for the enterprise.*
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