Baku:A new packaging products manufacturing facility will be established in the Alat Free Economic Zone (AFEZ) through a collaboration between India’s UFlex Limited and the Azerbaijan Business Development Fund (ABDF).
According to Azerbaijan State News Agency, this project involves a partnership between UFlex Limited, an international company specializing in the packaging industry, and ABDF, which operates under the Ministry of Economy. The project will be executed by Flex Middle East FZE, the entity managing UFlex Limited’s international assets. A Joint Participation Agreement was signed between ABDF, Flex Middle East FZE, and the Azerbaijan-Uzbekistan Investment Company during the Second Azerbaijan International Investment Forum.
The project, valued at USD 117.7 million, will take place in AFEZ, where a 4.7-hectare plot has been allocated for the facility’s construction. Flex Films AZB AFEZCO has been established to implement this project, which will feature a modern facility with an annual production capacity of 60,000 tons.
This initiative is expected to enhance Azerbaijan’s non-oil and gas sector, boost export-oriented production, attract foreign investment, and advance the packaging industry in the country.
UFlex Limited was founded in India in 1985 and is an international company that produces packaging films, materials, and related products and technologies. It exports to more than 150 countries and operates production facilities that meet international standards across nine countries.