Shareholders’ Agreement was signed between “Azerbaijan Investment Company" OJSC and Hungary’s "Hell Group" company

Shareholders’ Agreement was signed between “Azerbaijan Investment Company" OJSC and Hungary’s "Hell Group" company

According to the Agreement signed between “Azerbaijan Investment Company” OJSC subordinated to the Ministry of Economy and “Hell Group” company it is planned to build advanced technology plant for 700 million aluminum beverages can production in Alat Free Economic Zone

An event dedicated to the signing of the Shareholders’ Agreement between "Azerbaijan Investment Company" OJSC subordinated to the Ministry of Economy and the Hungary’s "Hell Group" company.

During the event, Minister of Economy, Mikayil Jabbarov, emphasized that the signed project will enhance collaboration between the business communities of both countries, boost the growth of Azerbaijan's non-oil sector, promote local production, and generate employment opportunities. The Minister highlighted the positive trajectory of Azerbaijan-Hungary relations, based on mutual respect, with expanding economic and trade cooperation. He highlighted the substantial potential for collaboration with Hungary across various sectors, including trade, industry, energy (including renewable energy), transport-logistics, and other areas. Minister Jabbarov also highlighted the wide opportunities available for local and foreign investors, including Hungarian investors, within the Alat Free Economic Zone. He expressed confidence in the successful implementation of new joint projects.

Péter Szijjártó, the Hungarian Minister of Foreign Affairs and Trade, highlighted Azerbaijan's reliability as a partner during the event. He emphasized the significance of continuous development in political and economic relations between the two countries, partnerships between business circles, and successfully implementing joint projects. Minister Szijjártó also expressed his views on the importance of enhancing cooperation in various sectors.

During the event, Valeh Alasgarov, the Chairman of the Board of the Authorized Institution of the Alat Free Economic Zone, provided an update on the authority's activities. Valuable insights were also shared by Barnabás Csereklye, Managing Director of Hell Group, and Ulvi Mansurov, Executive Director of AIC, regarding the project. Additionally, a short movie showcasing the project was presented.

According to the agreement, a plant will be constructed within the premises of the Alat Free Economic Zone. The facility, utilizing advanced technologies from European countries, is projected to have an annual production capacity of 700 million aluminum beverage cans (initially capable of filling 415 million aluminum beverage cans annually). The project aims to generate approximately 300 job opportunities. The investment value of the project is 211 million dollars.