COLOMBO, 11 November 2020, (TON):  The Sri Lankan government has decided to establish a pharmaceutical manufacturing zone in the southern coast of Hambantota and will also invite global pharmaceutical companies to set up companies within the zone.

Sri Lankan government planned to set up the special manufacturing zone on a 400-acre land so that it could attract leading pharmaceutical companies in the world. All infrastructure facilities will be supplied by the Sri Lanka Board of Investment.

According to a statement issued by the Sri Lankan Information Department, the proposal to set up the zone was made by Health Minister Pavithra Wanniarachchi, who proposed to establish 20 pharmaceutical manufacturing companies in 200 acres of land under the first phase of this project.

The Pakistani pharmaceutical exporters welcomed the announcement from the Sri Lankan government and are eager to set up new export targets. Pakistan will be in touch with Sri Lanka Board of Investment for the setting up of companies.

Pakistan made considerable growth in the pharmaceutical exports, which grew by 22.6 percent during the first quarter (Q1) to over $68.1 million compared to $55.6 million. The exports of pharmaceutical product during September 2020 were recorded at $27.149 million against the exports of $18.249 million in September 2019.