JOHOR RULER, ENTREPRENEUR TO INVEST RM400 MILLION IN SRI LANKA

Investment in US$100m pharmaceutical zone in partnership with entrepreneur Patrick Lim

KUALA LUMPUR

THE Sultan of Johor Sultan Ibrahim Sultan Iskandar is investing in US$100 million (RM401.12 million) first-ever exclusive pharmaceutical manufacturing zone in Sri Lanka, in a partnership with entrepreneur Patrick Lim Soo Kit.

In a bid to reduce dependency on imported drugs, StarBiz reported, quoting a press release, the State Pharmaceuticals Man- ufacturing Corp of Sri Lanka (SPMC) and Pharma Zone (Pvt) Ltd had signed an agreement to build the industrial zone in the country, in the Welipenna area of the Kalutara district.

The report said Pharma Zone, located on a 20.2ha site is a Sri Lankan Board of Investment-approved company, whose principals are Sultan Ibrahim and Lim So oK it, a Malaysian entrepreneur.

“It is the sultan’s desire that this investment results not only in commercial success, but also to benefit Sri Lankan citizens and promote closer commercial and diplomatic relations between the people of Sri Lanka and Johor,” according to the press release.

“We are delighted to enter into this agreement with the government of Sri Lanka, which has always enjoyed warm relations with Malaysia.

“It is the fervent wish of Sultan Ibrahim that this venture not only brings commercial prosperity to Sri Lanka but (also) benefits the people by way of reduced drug pricing as well as the ready availability of drugs,” said Lim in the press release.

“This is 100 per cent Malaysian investment and it underlines the high regard that the sultan and people of Johor have for Sri Lanka,” he added.

The report said Pharma Zone would facilitate local pharmaceutical manufacturers with sufficient land for manufacturing plants and basic infrastructure facilities for the manufacture of pharmaceutical products with a view to achieving the Sri Lankan government’s target of localising production of essential pharmaceutical items to a value of US$100 million, thus saving valuable foreign exchange.

SPMC chairman Dr Sayura Samarasundara said with the completion of the Pharma Zone, envisaged to be in operation within one year, Sri Lanka’s dependency on imported drugs would soon become a thing of the past.