Government will help local investors to start joint ventures in proposed Pharmaceutical hub – Hon. Basil Rohana Rajapaksa
A delegation from Pharmaceuticals Export Promotion Council of India met Hon Basil Rajapaksa, Senior Adviser to the President and Minister of Economic development to discus about setting up of a pharmaceuticals hub in Sri Lanka. The meeting was held at the Ministry of Economic Development on Wednesday (15). During his recent visit to Sri Lanka, Indian Minister of commerce, Industry and Textile Hon. Anand Sharma discussed the possibilities of establishing a pharmaceuticals hub in Sri Lanka with Hon. Basil Rajapaksa and informed that a delegation representing the Indian Pharmaceuticals industry will be sent to discus about this proposal. This Indian delegation met Hon. Basil Rajapaksa with a view to furtherance negotiations on this proposal and start preparatory work for Indian Pharmaceuticals investment in Sri Lanka.
Hon. Basil Rajapaksa said in the last year’s budget speech H.E. the President emphasized the importance of developing the Sri Lanka’s Pharmaceuticals industry. Therefore many opportunities are available in the country’s Pharmaceutical manufacturing, infrastructure, equipments and machinery sectors. Indian interest in this regard is encouraging and initiative taken by Indian Minister Hon. Sharma is highly appreciated he said.
Sri Lanka is one of the few countries in the world providing free health facilities to all the citizens. Sri Lanka is importing 80 percent of its Pharmaceuticals requirements. But proposed Sri Lankan Pharmaceuticals hub should cater to the global market and should not depend on the local market. Government will provide all facilities to initiate the Pharmaceuticals hub and facilitate local investors to set up joint ventures with Indian and other investors. Sri Lanka has privet sector Pharmaceuticals manufactures as well as public sector manufacturing firms. These existing institutions can benefit from proposed hub by participating in joint ventures and absorbing new technology and know how. Hon. Basil Rajapaksa said.
Dr. P.V. Appaji, Director General Pharmaceuticals expert Promotion Council of India said Indian Pharmaceuticals industry is one of the largest industries in the world. It produce 50 percent of the world requirement. It is the biggest pharmaceuticals producer in the term of value and third biggest producer in the term of volume in the world market he said. India has gained experience in bulk manufacturing through Jawahalal Neru Pharmaceuticals city project.
Indian ambassador Ashok Kantha said India will provide all necessary assistance and cooperate with Sri Lanka to realize the proposal of the Pharmaceuticals hub. Hon. Sharma has taken immediate steps to send this team in order to expedite the initial work of the project. Indian Pharmaceuticals manufactures will get together with Sri Lanka local manufactures and new investors to start joint ventures and privet – public partnership projects.
Hon. Basil Rajapaksa directed the BOI officials to inspect with Indian delegation the Biyagama and Mawathagama BOI sites and other suitable sites to start the project.
Mr. Anura Siriwardhana, Secretary, Ministry of Industries and Commerce,Dr. Nihal Jayathilake, Secretary to the Ministry of Health, representatives from government and privet sector Pharmaceuticals firms in Sri Lanka and BOI representatives participated in this discussion.