A joint enterprise named "Avantika Yakad" Uzbekistan-India is poised to produce more than 100 types of medicines. The venture is currently under construction in the Jizzakh region and has already attracted $30mn in investment, Dunyo reports.
Establishment of Joint Venture
Collaborating closely with Indian counterparts, "Shifokor-82" (Uzbekistan) and "Avantika Medex Pvt. Ltd." are spearheading the establishment of a joint venture specializing in the production of pharmaceutical products. The venture, located in the Zomin district and spanning an area of 11.5 hectares, marks a significant step towards enhancing local pharmaceutical manufacturing capabilities.
The project has attracted an investment of $30mn, with $15mn originating from foreign sources. The production facility will focus on manufacturing a wide range of medicines, including tablets, capsules, injections, gels, and other forms, catering to diverse medical needs.
Long-standing Cooperation and Favorable Business Environment
The partnership between "Shifokor-82" and "Avantika Medex Pvt. Ltd." is rooted in years of cooperative relations. The favorable business environment fostered in Uzbekistan, coupled with the efficacy of international collaboration, has emboldened these companies to embark on local pharmaceutical production. Leveraging the expertise and resources of both entities, the joint venture aims to contribute significantly to the domestic pharmaceutical market.
Upon commencement of operations, the joint venture intends to allocate 70% of its products to international markets, with the remaining 30% catering to domestic demand. This strategic distribution approach reflects the venture's aspirations for global reach while also catering to the healthcare needs of Uzbekistan.
Earlier, it was reported that agreements worth a staggering $3bn have been brokered between the Andijan region and Chinese entrepreneurs in the pharmaceutical sphere, with an additional $1bn anticipated to be attracted this year alone. Hungarian investors are also contributing to these developments.
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