Sultan of Johor invests US$100m in Sri Lanka for pharma manufacturing
Petaling Jaya – The Sultan of Johor, Sultan Ibrahim Iskandar has teamed up with property developer Datuk Patrick Lim Soo Kit to make investment of US$100 million (RM401.08 million) industrial zone for pharmaceutical manufacturers in Sri Lanka.
The State Pharmaceuticals Manufacturing Corporation of Sri Lanka (SPMC) and Pharma Zone (Pvt) Ltd entered into an agreement to build the first ever exclusive pharmaceutical manufacturing zone of Sri Lanka in the Welipenna area of the Kalutara district.
“This is a 100 per cent Malaysian investment and it underlines the high regard that the Sultan and the people of Johor for Sri Lanka,” Lim said in a statement.
Sultan Ibrahim and Lim are said to be the principals of Pharma Zone, which occupies 50 acres of land. Their company has been approved by the Sri Lankan Board of Investment.
According to Lim’s statement, the zone is to provide Sri Lankan pharmaceutical manufacturers with sufficient land for plants and basic infrastructure facilities.
The project is part of the Sri Lankan government’s target to localise production of essential pharmaceutical items to a value of US$100 million in order to save on foreign exchange.
It will be operated by Pharma Zone, which will be headed by Lim, while the SPMC along with the Sri Lankan Health Minister will set the standards and monitor quality. – Malay Mail