The Swiss company will bring investment of $ 20 million to Pakistan--a major foreign investment in these difficult times of Covid-19.
ISLAMABAD: (UrduPoint/Pakistan Point News-Oct 19th, 2020) Advisor to PM on Commerce and Investment Abdul Razak Dawood said that Swiss company Novartis established manufacturing facility in Pakistan.
Abdul Razak Dawood made this announcement through a series of tweets, saying that the company would invest $20 million in Pakistan.
He said: “Novartis, a Swiss MNC with a multi-decade presence in Pakistan, has acquired a manufacturing facility to produce medicines locally. Novartis has expansion plan that will bring investment of about USD 20 million. 1/3,”.
In another tweet, he said: “This investment signifies that the regulatory reforms & competitive local landscape is being recognized as an opportunity by investors. This acquisition also shows the confidence of international companies to invest in the future of Pakistani Pharma industry... 2/3,”.
He also tweeted: “This investment signifies that the regulatory reforms & competitive local landscape is being recognized as an opportunity by investors. This acquisition also shows the confidence of international companies to invest in the future of Pakistani Pharma industry... 2/3,”.
Last week, Switzerland Ambassador to Pakistan also tweeted about his country’s major investment in Pakistan.
He had tweeted: “#Novartis is one of the major foreign investors in the #pharma sector in #Pakistan and will strengthen further its presence in #Karachi. I was pleased to meet with Dr. Imran Rasheed, Novartis Country President & Chief Executive, in Islamabad today,”.
The development took place at the moment when prices of the medicine went out of reach of the common citizens.
