Jordan ready to begin entering regional markets through Azerbaijan with pharmaceutical products

Azerbaijan and Jordan are discussing the possibility of establishing a joint venture in the pharmaceutical industry, Jordanian Minister of Industry, Trade, and Supply Yarub Qudah said during the fourth meeting of the intergovernmental commission on trade, economic, and technical cooperation between Azerbaijan and Jordan, currently underway in Baku, Report informs.

"Jordan ranks first among Arab countries in the development of its pharmaceutical industry. Azerbaijan, on the other hand, is also striving to strengthen its own pharmaceutical industry. We see significant potential for partnership in this area.

As we discussed during bilateral negotiations, cooperation could begin with the supply of semi-finished pharmaceutical products and the establishment of a joint venture with the Azerbaijani side. The final production stage will be carried out in Azerbaijan, after which the products will be available not only for the local market but also for regional markets," the minister emphasized.

Yarub Qudah believes that this format of interaction will allow for rapid achievement of initial results and will serve as an impetus for developing cooperation in other sectors.

In turn, Azerbaijani Finance Minister Sahil Babayev confirmed Azerbaijan's interest in developing a pharmaceutical industry in the country.

"Today's meeting will be very useful for all of us, and I would like to ask both sides to exchange contacts and continue discussions today and tomorrow to assess the extent to which we can organize and create mechanisms for mutually beneficial cooperation. And I truly believe such opportunities exist. We must identify them. For example, if we look at pharmaceuticals, Jordan is very strong in this area. Its total pharmaceutical exports exceed $1 billion. We are interested in developing a pharmaceutical industry in Azerbaijan," the minister stated.

Babayev noted that the country is actively collaborating with several countries in the pharmaceutical sector, and a very favorable regime has been created within the industrial park, offering attractive incentives for the development of the pharmaceutical industry.

"Another area is agriculture. We've seen that import volumes of certain products from certain countries to Jordan and Azerbaijan are significantly higher than export volumes of the same products from Jordan and Azerbaijan to these countries. This means it's easy to establish good cooperation and create a platform where our exporters can meet, discuss, establish cooperation, and realize their potential," the Azerbaijani co-chair of the intergovernmental commission noted.