Paramount Group has signed a joint venture with AirTech Services Corporation of Azerbaijan 1109145.

The newly created aerospace company, Paramount Aerospace Azerbaijan which was announced at the Azerbaijan Defence Expo (ADEX) in Baku signals an important milestone in the continuing growth of the defence industrial capability in Azerbaijan. The joining of these two companies has created a strong force which positions it as a leader in cutting edge aerospace technologies in the region giving it the advantage of manufacturing, upgrading and integrating various capablities across a range of helicopters and fixed wing aircraft platforms, including Mi-17, Mi-24 helicopters, SU-25 and MiG-29 aircraft.

The joint venture agreement was signed by the Chairman of the Board of AirTechServices, Mr Fuad Seyidaliyev, and the Executive Chairman of Paramount Group, Mr Ivor Ichikowitz.

Ivor Ichikowitz said: “Paramount Group has a long association with Azerbaijan. Our partnership has started out in land systems and this relationship has strengthened as the country developed into the fast-growing economic powerhouse that it is today. It is very exciting that we can build on this foundation to establish advanced aerospace capabilities in Azerbaijan.

Paramount Group and AirTechServices Corporation have been engaged in various projects within Azerbaijan and the establishment of a joint venture entity signifies the evolution of this strategic partnership to further support the ability to rapidly respond to clients in providing bespoke solutions to meet diverse and dynamic requirements.

Ichikowitz added: “Through Paramount Aerospace Azerbaijan it is our intention to transfer skills, technology and advanced aerospace capability to Azerbaijan and the wider region. It is our intention to develop manufacturing facilities, establish research and development facilities, and create a strong partnership that will be extremely beneficial to the industries of both our countries.”

Mr Fuad Seyidaliyev said: “Our joint venture brings together leaders in aerospace innovation in a strong and unique partnership which will deliver world class technologies and solutions, from sophisticated aerospace technologies, to the modernisation and upgrade capabilities of fighter and rotary wing aircraft for the specific requirements of defence forces in the region.”

“There are great synergies between our organisations that will bring huge benefits to our customers.”

Paramount Aerospace Azerbaijan will present a wide range of aerospace capabilities and technologies to the CIS market.