Sun Pharma, a global pharmaceutical company headquartered in Mumbai, has discussed plans to invest in Myanmar during meetings with authorities in Nay Pyi Taw on June 25, according to the Ministry of National Planning and Economic Development.
Sun Pharmaceutical Industries Ltd is one of the biggest pharmacy companies in India, manufacturing 500 kinds of products and producing between 25 to 30 new medicines yearly.
Mr.S.K.Roy, General Manager of Sun Pharmaceutical Industries Ltd, met with Aung Naing Oo of the Directorate of Investment and Companies Administration (DICA) to discuss matters relating on investment plans, rules and regulation and work procedures.
Myanmar Investment Commission (MIC) laid down the policy concerned manufacturing of medicines with international standard licenses because medicine plays a vital role for saving human lives.
According to Myanmar Citizen Investment law, MIC has granted the permission to Sagaing June Pharmaceutical & Foodstuff Industry Ltd to produce medicine and medical items, traditional medicine, household medicines and other consumer goods. It set a target of US$15 billion (15,000 million kyats) for establishment loans at a MIC meeting held on June 27.
Moreover, the Ministry of Industry will invest in 80 percent shares of company and Zune Pharmaceutical Industries will also invest 20 percent share.
Myanmar is now importing medicines and medical equipments from India yearly.
Source: Eleven News Media