Kazakhstan, Egypt to create pharmaceutical park
Baku, Azerbaijan, Oct. 13
By Rashid Shirinov – Trend:
It is planned to create a Kazakh-Egyptian pharmaceutical park in Kazakhstan’s Almaty city for the production of medicines, Ambassador Extraordinary and Plenipotentiary of Kazakhstan to Egypt Arman Issagaliyev said at a briefing at the Kazakh Foreign Ministry, according to Kazinform.
"Currently, a number of investment projects are being implemented, the main of which is the creation of the Kazakh-Egyptian pharmaceutical park in Almaty. We are working on this project together with the Ministry of Investment and Development and the Kazakh Invest company," the diplomat said.
He added that today there are Egyptian pharmaceutical products in the Kazakh market, which are in sufficient demand.
"Presently, more than 40 Egyptian drugs are registered in the Kazakh market, so, I think, after the creation of such a pharmaceutical park, we will be able to enter other markets of the region and the EEU with these products," Issagaliyev said.
He added that the cost of the project is estimated at $25 million.
"Currently, the Egyptian pharmaceutical company MUP is searching for a partner. It is ready to invest most of the amount," the diplomat noted.
He said that MUP was ready to implement this project in 2016, but there was a devaluation of the Egyptian currency, which depreciated by half, and this caused the need to find another source of funding.
It is worth noting that pharmaceutical products make up a significant part of Egyptian exports to Kazakhstan. Total trade turnover between the countries amounted to $62.4 million in 2017, as much as $50.7 million of which accounted for Kazakhstan’s imports from Egypt, and $11.7 million accounted for exports.
The trade turnover between the countries in the first half of this year reached $60.6 million.