PETALING JAYA – The Sultan of Johor, Sultan Ibrahim Ibni Almarhum Sultan Iskandar has teamed up with entrepreneur Patrick Lim Soo Kit to invest in US$100mil industrial zone for pharmaceutical manufacturers in Sri Lanka.
According to a press release, the State Pharmaceuticals Manufacturing Corporation of Sri Lanka (SPMC) and Pharma Zone (Pvt) Ltd entered into an agreement to build the first ever exclusive pharmaceutical manufacturing zone of Sri Lanka in the Welipenna area of the Kalutara district.
Pharma Zone, located on 50 acres is a Sri Lankan Board of Investment approved company whose principals are Sultan Ibrahim and Lim Soo Kit a leading Malaysian entrepreneur.
It is the Sultan’s desire that this investment results not only in commercial success but also that it will benefit as many Sri Lankan citizens and promote closer commercial and diplomatic relations between the people of Sri Lanka and Johor.
“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 benefits the people by way of reduced pricing as well as the ready availability of drugs,” Lim said in the statement.
“This is a 100% Malaysian investment and it underlines the high regard that the Sultan and the people of Johor for Sri Lanka,” he added.
The Pharma Zone will facilitate the 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$100mil, thus saving valuable foreign exchange.
SPMC chairman Dr. Sayura Samarasundara said that with the completion of the Pharma Zone, envisaged to be in operation within one year, the Country Sri Lanka’s dependency on imported drugs would soon become a thing of the past.
The zone will be run and administered by Pharma Zone, headed by Lim, while the SPMC along with the Sri Lankan Health Minister will set the standards and monitor quality.
“We will be marketing Pharma Zone regionally,” Lim said, adding that it was the intention of Pharma Zone to attract overseas investors to set up operations within the zone as well.