By: Ahmad Abu el-Hamd Â
“We believe Egyptian economy will grow quickly,” said the ambassador, greeting the recent reforming measures implemented by the Egyptian government recently as it would attract more Indian investors to Egypt.
The Indian ambassador added, 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, referring that the newly opened factory will fill the needs of the domestic market of medicines. Â He also expressed his happiness over the Egyptian Ministry of Health’s approval to produce high-quality medicines at cheap prices.
The ambassador clarified that Ranbaxy is one of the top-quality drug manufacturers in the world because it uses advanced technology, and exports products to most of European countries. He also underlined that Indian companies recruit experts and researchers from all countries who obtained patents, which make their pharmaceutical drugs and products the best in the world.
Hany Mashaal, Country General Manager at Sun Pharma, and Head-Rest of Middle East at Ranbaxy said the total investment of the project is about USD 12.5 million direct investments with a capacity of producing 50 million pills annually. Further, The Company produces 4 cosmetic medicines, at present, to cure cardiology disease, and registered 4 cosmetic medicines in ministry of health.
Meshaal notified that the floatation has impacted on the company’s profits, causing 20 billion LE losses. The company needs $500 million in 2017 because the raw material prices rose up globally. The company imports 100 % of raw and packaging materials.
The Indian factory has started in the Egyptian market since 2012, it is expected that the factory’s total sales will reach 150 million LE yearly stemmed from manufacturing 4 cosmetic medicines.
