Details of Memorandum of Understanding (MoU) between the Ministry of Economy of Azerbaijan and delegation of Turkish Demiroren Holding’s delegation have been disclosed, according to the ministry.

The MoU signed by Azerbaijani minister Mikayil Jabbarov and the holding’s board chairman Yildirim Demiroren envisages the organization of production and sale of pharmaceutical products through the creation of a joint venture in Azerbaijan.

Within the document, it’s planned to allot an appropriate area in the Pirallahi industrial park for the construction of an enterprise, the participation of the Azerbaijan Investment Company in the project and the creation of new jobs with the participation of at least 150 local residents.

According to the memorandum, Demiroren Holding will invest $40 million in the project, and the production process will be organized in accordance with GMP standards on the basis of appropriate licenses from leading qualified companies.

Besides, the document envisages the exchange of knowledge and experience, development of research programs at local universities and support for the development of related industries.

Demiroren Holding is a Turkish conglomerate. The holding includes companies in the field of energy, real estate, construction, education, media, advertising, tourism and digital technologies. The group of companies also organizes lotteries in Turkey.

The holding, which organized a joint venture with the renowned Italian gambling operator Sisal SpA, acquired the operating rights of the Turkish national lottery Milli Piyango in 2019 for the next 10 years. It’s also engaged in import of the latest international gaming technologies.

Demiroren Holding is also the owner of one of the largest media groups in Turkey. The media group includes popular TV and radio channels such as CNN Turk, Channel D, as well as newspapers such as Milliyet, Hurriyet, Posta.

According to the agreement signed in February this year, Azerlotereya OJSC was transferred to the management of the subsidiary company YMT Sans B.V., which is part of Demiroren Holding. Taking advantage of the favorable business and investment climate created in Azerbaijan, Demiroren Holding decided to start its second project after Azerlottery as soon as possible.