On December 18, the memorandums of mutual understanding were signed between the Azerbaijan Investment Company (АIC) and German companies RAO Agromilk and RAO Global Group, engaging in setting up enterprises Agstafasud Kompleksi and Agstafa Aqroservis.

The Executive Director of AIC Afgan Isayev has given detailed information about projects which will be implemented. He stressed importance of realization of such agricultural projects in Azerbaijan. According to the agreement Agstafa-Milk in Boyuk-Kasik village will merge 4 farming enterprises. Agstafa -Agroservice will be constructed in Samad Vurgun village of Agstafa district.

According to the project, the power of the dairy complex will be 50 tons of milk per day. In the first two years of activity, the company will produce five types of sterilized milk, yogurt, sour cream, etc; also stock-raising will take important place in the company activity. Starting from the third year company will produce butter and diversified dairy products.95% of cattle fodder for the company livestock will be grown by the company itself.

According to the primary calculations, the total cost of construction of the complex is estimated at 30 million euro. Primary share capital of the company will amount to 5 mln euro, 4 mln euro falls on foreign investors. The AIC share will hit 20 percent in the authorized capital of the complex.

Project design and construction control will implement German Wolf System and SHS Architecture-Engineering Management and Azerbaijani Azermemarlayiha Institute specialists. Establishment of the second project - Agstafa-Agroservice will cost 3 mln euros. First authorized capital of Agstafa-Agroservice will consists of 1 mln euro and 25% of this is share of AIC.  The enterprise will provide agrotechnical services in Agstafa and in the nearest districts. Agstafa-Agroservis will be given Claas, Lemken, Grimme, Fliegl and Rauch companies agriculture machinery, equipment and spare parts.

Executive director of IAK Agro Consulting Diethard Rudert, director of SHS Architecture-Engeneering Management Johannes Heinzler and the head of Agstafa - Agroservice project preparing group Oghul Ibrahimov made speechs and told about their hopes of successful fulfilment of projects.

After that, Afghan Isayev, executive director or RAO AgroMilk Frits Hofmeister and executive director of RAO Global Group Slava Afanasyev signed the Memorandum.

Credits of Europe banks will be used for financing of the projects, too.

As results of implementing of the projects Azerbaijan will get 2 more modern enterprises and about 200 jobs created. Questions of media workers have been answered at the end of the ceremony.