Indian pharma company to launch production in Russia’s Far East — RT India

Indian pharma company to launch production in Russia’s Far East — RT India

Source link

A firm from the South Asian nation has signed a deal to manufacture medical supplies in Sakhalin Region

An Indian pharmaceutical company is set to launch production in Russia’s Far East, the Sakhalin Region government’s press service has said in a statement. India and Russia, long-time trade and economic partners, have worked to expand cooperation over the past two years amid Western sanctions on Moscow.

PSK Biotech Private Limited signed an agreement with the government of Sakhalin Region to start manufacturing personal hygiene products, diapers, and medical supplies in the city of Yuzhno-Sakhalinsk, the statement said on Tuesday. Production is planned to be launched in November, it added.

The island of Sakhalin, “given its workforce and logistics potential,” can provide an ideal platform for Indian pharmaceutical businesses to enter the Russian market.

The initiative would also significantly reduce the region’s reliance on imported technology and shorten the delivery time to people with disabilities, according to the statement.

PSK Biotech Private Limited wants to establish a long-term presence in the Russian market, the business development director, Prabind Singh, told Russian media. The company also plans to manufacture veterinary products, he added.

Companies from India are exploring opportunities in the pharmaceutical, diamond, and hydrocarbon sectors in Russia’s Far East, Deputy Minister for Development of the Russian Far East and Arctic Anatoly Bobrakov told RT in January on the sidelines of Vibrant Gujarat Global Summit in Gandhinagar, India. The region’s trade with the South Asian nation grew by 40% in 2023, he added.

The Far East – which borders the Pacific and Arctic Oceans, and spans over four time zones – accounts for one-third of Russia’s coal reserves, mines over 90% of its diamonds, and 50% of its gold.

Russia has boosted trade and business cooperation with Asia, particularly with India and China, after it was targeted with economic sanctions by the US, EU, and their allies over the Ukraine conflict. The restrictions significantly limited or blocked trade and financial transactions between Russia and the West.

The Russian government plans to develop ports and air transport infrastructure in the Far East. The Sakhalin administration is discussing plans with Moscow to build a 580-kilometer bridge to connect the island with mainland Russia and the Asian continent.

Where India Meets Russia – We are now on WhatsApp! ‎Follow and share RT India in English and in Hindi