India’s Ambassador to Cairo Sanjay Bhattacharyya last week inaugurated Sun Pharma Ranbaxy factory in the west Cairo satellite town of 6th of October.
Mr Bhattacharyya said that Indian investors are interested in investment in Egypt. “We believe Egyptian economy will grow quickly,” he said, applauding the recent economic reform measures in Egypt.
The Indian ambassador added that the pharmaceutical industries sector is one of the fastest growing sectors in India. The Egyptian-Indian partnership in investment sector is built on mutual benefit between the two countries, saying that the newly opened factory will fill the needs of the domestic market for medicines. He expressed his happiness with the Egyptian Ministry of Health’s approval to produce high-quality medicines at cheap prices.
The ambassador said that Ranbaxy is one of the top-quality drug manufacturers in the world, and that because it exports its products to most of European countries. He also underlined that Indian companies recruit experts and researchers with patents from all countries in the world.
Hany Mashaal, Country General Manager at Sun Pharma, and Head of Middle East at Ranbaxy said the total investment of the project amounted to some USD 12.5 million direct investment with a capacity of producing 50 million pills annually. Further, The company produces four cosmetic medicines, at present, to cure cardiac cases.
28 February 2017