Kazakhstan and Egypt to set up Pharmaceutical Park in Almaty

ASTANA. KAZINFORM "It is expected to build a Kazakhstan-Egypt Pharmaceutical Park to produce pharmaceuticals in Almaty," Extraordinary and Plenipotentiary Ambassador of Kazakhstan to Egypt Arman Issagaliyev told a briefing held at the Kazakh MFA.

"A number of investment projects is being implemented currently, one of them is to build the Kazakhstan-Egypt Pharmaceutical Park in Almaty. We jointly with the Kazakh Investments and Development Ministry, KazakhInvest Company are working on this project," he went on.

According to him, Egypt's pharmaceuticals are in sufficient demand at Kazakhstan's market.

"There are more than 40 Egypt's pharmaceuticals at the country's market and I believe the foundation of the Kazakhstan-Egypt Pharmaceutical Park in Almaty will help enter other markets of the region and EAEU," he added.

He said that the cost of the project is estimated at $25 million.

"Currently, Egypt's MUP pharmaceutical company is seeking for partners. They are ready to channel the bulk of amount. They were ready to start implementing the project back to 2016 but due to devaluation of Egypt's currency they had to look for another source of funding," Issagaliyev said.