"Azerbaijan Investment Company" OJSC, Israel's "Granot International Agricultural Cooperative Society" LTD and "Agro Food Investments" LLC have signed a Memorandum of Understanding on the establishment of a 1,000-hectare olive orchard at the initial stage and the construction of a modern olive oil processing plant with annual production capacity of 4,000 tons.

Implementation of the project, which is based on advanced technologies, will serve the production of competitive products and the expansion of export opportunities. About 50 new jobs are expected to be created within the project.