Salman F Rahman, Private Industry and Investment Adviser to the Bangladesh Prime Minister, and Pranay Verma, Indian High Commissioner to Bangladesh, jointly inaugurated a new plant of India’s leading pharmaceutical company, Sun Pharma, at the Meghna Industrial Economic Zone on May 25.

Sun Pharma is the world’s fourth-largest specialty generic pharmaceutical company, operating in over 100 countries. This new plant marks the company’s second investment in Bangladesh, with a yearly production capacity of over 1 billion tablets and capsules.

The High Commissioner highlighted the new investment as part of the growing economic and industrial engagement between Bangladesh and India. He emphasized that this plant, the first pharmaceutical unit in any Economic Zone of Bangladesh, is a testament to India’s commitment to promoting partnership with Bangladesh and reflects the increasing interest among Indian businesses to invest in Bangladesh.

Furthermore, Verma noted the strong bilateral cooperation in the health sector, evident during the COVID-19 pandemic. India supplied vaccines under ‘Vaccine Maitri’ and Oxygen Express trains to Bangladesh, while Bangladesh gifted critical medicines to India. This collaboration underscores the robust health sector ties between the two nations.

Recognizing Bangladesh’s significant progress in the pharmaceutical industry over the last few decades, Verma highlighted Bangladesh’s emergence as a key player in generic drug manufacturing. He pointed out that India has been a reliable partner in this growth, meeting about 30% of Bangladesh’s demand for Active Pharmaceutical Ingredients (API).

Verma stressed that new Indian investments in Bangladesh, such as Sun Pharma’s plant, not only strengthen bilateral economic ties but also pave the way for stronger supply chain and value chain linkages between the two economies. He said this is crucial for reinforcing future-oriented economic ties between Bangladesh and India.

This inauguration signifies another step towards deepening the economic relationship between the two countries, showcasing the potential for mutual growth and collaboration in the pharmaceutical sector.

Source: The Business Standard