By Sarah Hannan
The Board of Investment (BOI) has announced the establishment of a dedicated Pharma Zone development in Arabokka, Hambantota, to meet 40% of the local demand.
The State Ministry of Development of Aviation and Export Zones set a goal to meet 40% of the domestic demand for pharmaceutical products through locally manufactured drugs while creating a pathway to $ 1 billion in export earnings as import substitution by 2025.
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Board of Investment Sri Lanka Director General Snajaya Mohottala[/caption]
“If the pharmaceutical industry is developed to the anticipated level, it will lead to an industry creating a pathway to $ 1 billion in export earnings and import substitution post 2025. Furthermore, it will provide dynamic long-term benefits to the economy such as skills upgrading and technology transfer, creating a new export vertical. The highly skilled pharma-qualified workforce needed for this industry will create opportunities for highly specialised jobs in the future,” BOI Director General Sanjaya Mohottala stated.
In the first phase of the project, 200 acres of land will be developed to accommodate pharmaceutical companies, while the ground-breaking of the zone and the construction of zone enterprises are planned to commence at the end of the first quarter of 2021. Infrastructure readiness in phase one is scheduled to take place at the end of 2021.
The balance 200 acres will be developed as the second phase, whilst the products are to be sent out to market by the year 2024. In addition to the above-mentioned 400 acres, another 50 hectares located next to the Mattala Rajapaksa International Airport (MRIA) are available for pharma-related value-addition and export logistics operations.
Board of Investment Sri Lanka Director General Snajaya Mohottala[/caption]
“If the pharmaceutical industry is developed to the anticipated level, it will lead to an industry creating a pathway to $ 1 billion in export earnings and import substitution post 2025. Furthermore, it will provide dynamic long-term benefits to the economy such as skills upgrading and technology transfer, creating a new export vertical. The highly skilled pharma-qualified workforce needed for this industry will create opportunities for highly specialised jobs in the future,” BOI Director General Sanjaya Mohottala stated.
In the first phase of the project, 200 acres of land will be developed to accommodate pharmaceutical companies, while the ground-breaking of the zone and the construction of zone enterprises are planned to commence at the end of the first quarter of 2021. Infrastructure readiness in phase one is scheduled to take place at the end of 2021.
The balance 200 acres will be developed as the second phase, whilst the products are to be sent out to market by the year 2024. In addition to the above-mentioned 400 acres, another 50 hectares located next to the Mattala Rajapaksa International Airport (MRIA) are available for pharma-related value-addition and export logistics operations.