ISLAMABAD-Pakistan Pharmaceutical Manufacturers Association (PPMA) on Tuesday vowed to bring an investment of $1 billion in the Special Economic Zone. The PPMA said that the government should not change the sales tax and tariff structure and especially give tax exemption on raw material.
The PPMA delegation made these remarks in a meeting with Tahir Javed, Special Assistant to PM/Minister of State on Investment. Chairman PPMA Mian Khalid Misbah-ur-Rehman, who came with his delegation in the meeting, said that they can bring an investment of $1 billion in the Special Economic Zone.
He said that 95% of pharmaceutical raw material is imported due to which the price of medicines increases with this dollar. He said that the exchange rate has an effect on the price of medicine. Tahir Javed on Tuesday said that Pakistan was the world’s leading manufacturer and importer in the pharmaceutical sector in the 1990s, and had a place of its own in the region.
SAPM said that the pharmaceutical sector is a major player in the country’s exports and the trend of investment in the special economic zone is increasing and pharmaceutical companies should come and invest in it. He said that the government will support the pharmaceutical sector in every aspect and Ease of Doing Business is the priority of the Board of Investment.
The minister said that whatever problems the pharmaceutical sector has, they will try to resolve them so that the country’s economy is strong and the country’s exports increase. He said that giving quality and affordable medicines to the people is the first priority of the government, for which the government and pharmaceutical manufacturers will try to work together.
Tahir Javed said: “I will take the proposals given to me by the pharmaceutical sector in the cabinet and work to improve the business environment for the pharmaceutical sector.” He said that further development can be made in this sector through innovation and can take the country forward in the competitive market in today’s world. He reiterated that the government will encourage the investors in every way so that economic development can take place in the country.
Source: nation.com.pk
