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PM likely to inaugurate Pak-Argentina venture in pharmacy

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani will inaugurate joint venture in pharmaceutical field between Pakistan and Argentina in January 2009. This was stated by the Minister of State for Investment Saleem H. Mandivewalla, here on Saturday.

The Minister of State, after the meeting with Argentinean Ambassador, Rodolfo J. Martin Saravia told the reporters that various ways and means to further enhance economic relations between Pakistan and Argentina were discussed in defile during the meeting.

It may be noted that various Argentinean companies are keen to invest in Pakistan. The ambassador told the Minister of State that BAGO group of Argentina is investing in a joint venture; with Ferozsons Laboratories, being the first Pharmaceutical Company, not only in Pakistan but in the region to meet U.S. Food and Drug Administration (US FDA) and EU specifications and standards.

The joint venture will not only provide medicine for prevention of Cancer and Hepatitis C for Pakistani market at affordable prices but is also designed to produce the medicine in large quantity for Latin American region.

The Ambassador also mentioned that more companies are looking towards Pakistan as investment destination, and Joint ventures for establishment of CNG stations, exploration of Gas and development of tourism sector. Argentina is one of the leading countries in manufacturing of CNG Kits and accessories, and joint venture to manufacture Cylinders and compressors in Pakistan are under active consideration.

The Minister of State appreciated the interest of Argentinean companies and private sector to invest in Pakistan and assured all possible facilitation from Board of Investment to materialize the projects on fast track basis.

Board of Investment has been actively working with Argentinean Company, BF Bioscience Limited, since March 2008. The Minister also told the Argentinean ambassador that Pakistan was open for business and Board of Investment provided all support and assistance to investors to make investment a successful proposition, to make it cost competitive in the region to realize the vision of making Pakistan an export and business hub.-SANA

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Noreen Gill

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