New locally produced armoured vehicles Marauder Matador lead Azerbaijan independence parade 2906114

For the first time Paramount Group's highly advanced mine protected vehicles Marauder and Matador were featured in the parade, a major national spectacle attracting huge crowds. The vehicles are manufactured in Azerbaijan under a joint production agreement signed between Paramount Group and the Azerbaijan Ministry of Defence Industries (MDI) in 2006.

The joint agreement was recently extended and Paramount Group will now jointly manufacture an additional 60 mine protected vehicles, with deliveries running through to late 2012.

Ivor Ichikowitz, Executive Chairman of Paramount Group, said: "It is great to see our jointly produced vehicles take prime position in this very important national day of celebration. We have developed a very close and successful working relationship with the Azerbaijan Ministry of Defence Industries - a relationship further strengthened with the agreement to jointly manufacture another 60 Matador and Marauder vehicles.

"This proves that our original project to produce 30 vehicles in Azerbaijan has been an outstanding success for all involved and is a testament to the foresight of President Ilham Aliyev in seeking to establish a production base for the future success of the country.

"Paramount Group is a firm believer in forming robust bilateral relationships with countries that want to develop a strong local defence industry. This creates economic prosperity for the local population through greater employment and the sharing of hi-tech engineering skills but also contributes to regional security."