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Akbar Novruz

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Azerbaijan and Jordan are exploring new opportunities to establish a joint pharmaceutical venture, signalling a strong step toward deeper economic cooperation.

Azernews reports that this was highlighted by Jordanian Minister of Industry, Trade and Supply Yarub Al-Guda at the fourth meeting of the Intergovernmental Commission on Trade, Economic and Technical Cooperation between the two countries held in Baku.

"Jordan ranks first among Arab countries in terms of the development of the pharmaceutical sector. On the other hand, Azerbaijan is also trying to develop its pharmaceutical industry. We see great potential for partnership in this direction.

As we discussed during bilateral negotiations, cooperation can begin with the supply of incomplete pharmaceutical products and the establishment of a joint venture with the Azerbaijani side. The final stage of production will be carried out in Azerbaijan, after which it will be possible to export products not only to the local market, but also to regional markets," the minister emphasised.

Y. Al-Guda expressed confidence that this cooperation model could deliver tangible outcomes within a short period, adding that it could also open new avenues for collaboration in other areas.

Azerbaijani Minister of Finance Sahil Babayev reaffirmed Azerbaijan’s strong interest in advancing the country’s pharmaceutical capabilities.

"Today's meeting will be very useful for all of us, and I suggest that both sides continue discussions today and tomorrow to assess the possibility of creating mutually beneficial cooperation mechanisms. I believe that such opportunities exist, and we need to identify them. Jordan is very strong in the pharmaceutical sector. The total value of pharmaceutical products exported by the country exceeds $1 billion. We are interested in establishing a pharmaceutical industry in Azerbaijan," the minister said.

S. Babayev noted that Azerbaijan is already cooperating with several countries in this sector, and highlighted that the country’s industrial parks offer highly attractive incentives and a favourable environment for pharmaceutical investment.

"Another direction is agriculture. The import indicators of some products from certain countries to Jordan and Azerbaijan are significantly higher than the export volumes of these products from Jordan and Azerbaijan to these countries. That is, it is possible to create a platform where our exporters can establish cooperation and realize the existing potential," the Azerbaijani co-chair of the intergovernmental commission added.