Sun Pharma, a global pharmaceutical company headquartered in Mumbai, has discussed plans to invest in Myanmar during meetings with authorities in Nay Pyi Taw on June 25, according to the Ministry of National Planning and Economic Development.
Sun Pharmaceutical Industries Ltd is one
of the biggest pharmacy companies in India, manufacturing 500 kinds of
products and producing between 25 to 30 new medicines yearly.
Mr.S.K.Roy, General Manager of Sun
Pharmaceutical Industries Ltd, met with Aung Naing Oo of the Directorate
of Investment and Companies Administration (DICA) to discuss matters
relating on investment plans, rules and regulation and work procedures.
Myanmar Investment Commission (MIC) laid
down the policy concerned manufacturing of medicines with international
standard licenses because medicine plays a vital role for saving human
lives.
According to Myanmar Citizen Investment
law, MIC has granted the permission to Sagaing June Pharmaceutical &
Foodstuff Industry Ltd to produce medicine and medical items,
traditional medicine, household medicines and other consumer goods. It
set a target of US$15 billion (15,000 million kyats) for establishment
loans at a MIC meeting held on June 27.
Moreover, the Ministry of Industry will
invest in 80 percent shares of company and Zune Pharmaceutical
Industries will also invest 20 percent share.
Myanmar is now importing medicines and medical equipments from India yearly.
source: Eleven Myanmar
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