Companies from Kazakhstan and Azerbaijan have signed an agreement to establish a joint iron production enterprise as part of the inaugural Azerbaijan International Investment Forum (AIIF 2025).

The joint venture will build a hot briquetted iron plant with an annual capacity of 2 million tons in Shamkir District. Scheduled for commissioning in early 2029, the US$700 million project will utilize modern, environmentally friendly technologies. It is expected to contribute nearly US$694 million annually to Azerbaijan's GDP and create about 1,600 jobs.

When fully operational, the plant has the potential to create up to 4,000 jobs and contribute as much as US$13 billion to the GDP.