Spanish pharmaceutical Reig Jofre expressed its interest to invest inside Ethiopia’s industrial park dedicated to pharmaceutical manufacturers, Corporation said.
This was revealed during a meeting held between representatives of the company and CEO of Ethiopian Industrial Parks Development Corporation (IPDC), Sandokan Debebe, last week.
The two sides discussed ways to set up the Reig Jofre manufacturing plant inside Kilinto Industrial Park.
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During the discussion, the Sandokan briefed the company officials about options and incentives that the government offers to companies keen to invest in industrial parks.
The Ethiopian government is availing industrial parks that meet international standards for interested investors, he said pledging the Corporation’s support to the company’s proposed investment venture.
Company representatives said Reg Joffri is a leading pharmaceuticals manufacturer and supplies standard products to the European market for the last 92 years.
In Addis Ababa, its officials expressed their readiness to join Kilinto IP based on the demand for pharmaceutical products in Ethiopia, the IPDC said. Reig Jofre engages in the research, development, manufacturing, and marketing of medicines and nutritional supplements.
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Kilinto Industrial Park is a site dedicated by the government solely for medical products manufacturing.
The decision is a part of a plan to substitute up to 60% of Ethiopia’s pharmaceutical import with locally produced products within four years.
Ethiopia spends more than a billion US dollars annually to meet 85% of its pharmaceutical drug demand.