Assan Panel, one from a group of companies of Kibar Holding, operating in the sandwich panel industry, made its second foreign investment Friday in Azerbaijan.

Axar.az reports citing Turkish media that Assan Panel and Sumgayıt Texnologıyalar Park (STP) established a strategic partnership in the panel sector, according to a statement by Kibar Holding,

"Our company Assan Panel, which signed its second foreign investment after the Jordan investment, which was the first foreign investment of the group in 2012, is taking firm steps toward becoming a global brand in its sector," said Kibar Holding CEO Haluk Kayabası.

Stating that they are very pleased with the opportunity to invest in Azerbaijan, he noted the first joint venture of the leading groups of the two countries to bring new initiatives and opportunities.

With the partnership planned with the participation of STP, Assan Panel aims to export to Russian and Asian markets, especially to Turkic republics.

Assan Panel’s General Manager Ihsan Tolga Akar said with the investment the company has seized the opportunity to sell products not only to Jordan but to the region, including Egypt, Saudi Arabia and Gulf countries.

"Now, together with Azerbaijan, we will create an opportunity to export to all Turkic republics, Caucasus, even Russia and Asian countries."