On January 21, agreement was signed by the Azerbaijan Investment Company (АIC) with foreign investors Marcin International (Virgin Islands) and MYBA Agro Projects (Israel) on setting up of joint venture AzAgroExport LLC.

Executive director of AIC Afgan Isayev said that state registration of AzAgroExport LLC will be carried out in the nearest future.

"Infrastructure work will be started after resolving organizational issues. AzAgroExport will begin functioning over 18 months,'' A. Isayev said.

AzAgroExport LLC was established to implement the project on creation of packing and sorting workshops, refrigerator warehouses and greenhouses in Khacmaz district.

Overall cost of the project makes $29.5 million.  Share of participation of AIC and Marcin International in the project totals by 36.5 % respectively  (investments in the amount of $10.7 million each), and share of MYBA Agro Projects is 27 % (the investment in the amount of $8 million). Implementation of the project will enable raising $18.8 million of investments into Azerbaijani economics.

In accordance with the project, 1,4 million of seedling, 6,000  tons of vegetables (3,500 tons of tomatoes and 2,500 tons of pepper) will be raised in the complex over the year.

Main part of the production (75-85%) will be exported.