Indian pharma firm contemplates launching production in Russia`a Far East
(MENAFN) In a move signaling deepening economic ties between India and Russia, an Indian Pharmaceutical company is poised to inaugurate production facilities in Russia's Far East, as announced by the Sakhalin Region government's press service. PSK Biotech Private Limited has sealed an agreement to commence manufacturing personal hygiene products, diapers, and medical supplies in the city of Yuzhno-Sakhalinsk, with plans for production to commence in November.
This strategic initiative not only marks a significant step towards bolstering local manufacturing capabilities but also aims to diminish the region's reliance on imported technology, while concurrently expediting the delivery of essential supplies to individuals with disabilities, according to the statement released on Tuesday.
Prabind Singh, the business development director of PSK Biotech Private Limited, expressed the company's commitment to establishing a longstanding presence in the Russian market. In addition to the production of personal hygiene and medical products, the company intends to diversify its portfolio by venturing into the manufacturing of veterinary products.
The burgeoning partnership between India and Russia underscores a broader trend of collaboration, particularly in light of Western sanctions imposed on Moscow in recent years.
Leveraging their status as long-time trade and economic partners, both nations have intensified efforts to explore and expand cooperation across various sectors, including pharmaceuticals, diamonds, and hydrocarbons.
Deputy Minister for Development of the Russian Far East and Arctic, Anatoly Bobrakov, highlighted the increasing interest of Indian companies in the Far East region during the Vibrant Gujarat Global Summit in Gandhinagar, India, in January. He noted a substantial growth of 40% in trade between the Far East and India in 2023, indicating a mutually beneficial trajectory for economic engagement.
Spanning vast territories bordering the Pacific and Arctic Oceans, the Russian Far East boasts abundant natural resources, including coal, diamonds, and gold. With one-third of Russia's coal reserves located in the region, alongside significant mining operations for diamonds and gold, the Far East presents immense potential for collaborative ventures and economic development.
As PSK Biotech Private Limited prepares to commence production in Yuzhno-Sakhalinsk, the collaboration serves as a testament to the enduring partnership between India and Russia, while also laying the groundwork for sustained growth and prosperity in the Far East region.
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