Speaking at the ceremony, the High Commissioner Verma highlighted the new investment as part of the growing economic and industrial engagement between Bangladesh and India, and a visible symbol of the recent transformation of their relationship.
Verma noted that India has been a credible partner in the growth story of Bangladesh’s pharmaceutical industry meeting about 30 per cent of the Active Pharmaceutical Ingredients (API) demand of Bangladesh.
He stressed that the plant, which is the first pharmaceutical unit in any Economic Zone of Bangladesh, is not just a testament to India’s continued commitment to promote partnership with Bangladesh, but also reflects the growing interest among Indian businesses to invest in Bangladesh.
Verma noted the strong bilateral cooperation in the health sector, including the close engagement during the COVID-19 pandemic when India supplied vaccines under ‘Vaccine Maitri’ and Oxygen Express trains to Bangladesh, while Bangladesh gifted critical medicines to India. Recognising the significant progress made by Bangladesh’s pharmaceutical industry in the last few decades, the High Commissioner underscored the emergence of Bangladesh as a key player in generic drug manufacturing, the report said.
With a renewed focus on domestic production backed by a host of government incentives, Verman said there are ample opportunities for Indian manufacturers to establish business partnerships with Bangladesh companies in the form of Joint Ventures, joint R&D efforts and technology tie-ups.
