The news came after the Minister of Economy of Azerbaijan Mikayil Jabbarov tweeted about the agreement signed between Azerbaijan Investment Company JSC and Hell Energy Company of Hungary in the presence of Foreign Affairs and Trade Minister of Hungary Peter Szijjarto.
Minister Mikayil Jabbarov said, “The implementation of the project will contribute to the strengthening of cooperation between the business circles of the two countries, the increase of local production and the provision of employment.”
As per the report, the Azerbaijan-Hungary project is likely to be built in the Alat Free Economic Zone, involving an investment of $211 million.
The annual production capacity will be 700 million units of aluminium beverage cans. But at the initial stage, the capacity will be around 415 million units of cans. Overall, the project aims to create over 300 new jobs.
