The Egyptian government is offering incentives for Indian pharma companies to invest in the Suez Canal Economic Zone (SCZone).
“The council is in receipt of communication from our mission in Cairo stating the interest of Egyptian government towards collaboration with Indian manufacturers for production of Active Pharmaceutical Ingredients in Egypt,” Uday Bhaskar, Director-General, Pharmaceutical Export Promotion Council (Pharmexcil) said in a communication to the industry.
Manufacturing of APIs has been identified as a priority sector by the Egyptian government with a vision to transform Egypt as a hub of pharmaceutical products supply to the African continent. SCZone offers varied financial incentives from Egypt’s Free Trade Agreements to maximise the benefits for investors.
Incentives
The incentives being offered also include zero per cent customs and Value Added Tax (VAT) and easy facilitation, among others. SCZone is governed by the General Authority for the Suez Canal Economic Zone: An autonomous body with executive powers of regulation and approval including the full authority to oversee all areas of operation.
Located around the main international maritime route, Suez Canal Passageway, which is considered the international trunk route that connects Europe and East North America via the Suez Canal with Asia. Passing through Persian Gulf the zone is one of the main logistics hub of global trade.
“It does not just help first-time investors; but also supports companies to expand and grow more creating jobs utilising the Egyptian labour force capabilities,” according to the zone.