Hemas to invest LKR 2.9 billion in a pharmaceutical manufacturing plant

 

Morison Plc, a subsidiary of Hemas Holdings Plc, based in Colombo, has opened an $18.5 million pharmaceutical plant that can manufacture 5 billion pills a year. The company estimates can supply 20 percent of the country's consumption, officials said. Morison Plc, which was acquired by Hemas Holdings of Sri Lanka in 2013, claims to be Sri Lanka's largest producer of solid oral pharmaceuticals.

In cooperation with the Sri Lanka Institute of Nano Technology, a science park run as a public-private partnership, the 18.5 million dollar plant building. The plant locates within the Sri Lankan Nano Technology Park in Pitipana, Homagama, on a five-acre plot. It can produce 5 billion pills, 240 million capsules, and 10 million bottles per year out of 100 milliliters.  

He said they are now developing and gaining international accreditation and approval for EU and GMP compliant manufacturing and certification that will be complete at the beginning of next year. We will also look at signing up to export drugs to India and the region with Indian companies from Parma. Diabetic and cardiovascular drugs are the major export sectors in India. We will also look at exports to the EU from Parma from 2021 onwards.

"We are sure that the ROI would be about six years for this project." The new plant will generate around 5 billion tablets per year for both local and international consumption. Asked if they were going to venture into the manufacturing of medical equipment, he replied in the negative. We have held the position of the leading pharmaceutical importer and distributor in Sri Lanka for over six decades.

Currently, We save 22% of the market share, and our annual turnover has exceeded Rs. 11 billion. We have been a Parma exporter since 2021 and have taken valuable foreign exchange to Sri Lanka. Hemas Holdings Plc has acquired a 71.5 percent voting stake in J. PLC from L. Morison Son & Jones (Ceylon).

OSL Take: Sri Lanka's health sector is engaged in constant upgrading, and the Sri Lankan government is also engaged in introducing new technologies in par with the latest international trends in the country. Therefore, there are ongoing business/investment opportunities in Sri Lanka's health sector. Foreign health companies could explore options for business in Sri Lanka.

Given the many projects that range from the construction of the state hospital network to the manufacture of pharmaceuticals and medical supplies, Sri Lanka's health sector is a hotbed for investment. Interested foreign investors could explore investment opportunities in Sri Lanka's health sector. In the South Asian zone, Sri Lanka enjoys active trade and bilateral relations with countries.

Sri Lanka also enjoys free trade accords with India and Pakistan, while other South Asian countries enjoy preferential treatment. The geographical location of Sri Lanka in the Indian Ocean, the country's ease of doing business, and the many trade accords and trade compromises enjoyed by the state have made it an attractive business destination in the region of South Asia. To engage with other South Asian countries, foreign companies/investors looking at doing business in the South Asian area might consider setting up a base in Sri Lanka.

VBS/AT/0511/2020/Z_TB3

 

Sri Lanka on the path to finalizing a 9mn passenger airport terminal in 2023

 

Sri Lanka is on the road to finishing a new passenger terminal that will expand capacity at the 2023 main international airport and have a President's office with usual operations dampened by Coronavirus high-tech 'smart terminal' facilities. "President Rajapaksa ordered the authorities to complete the airport's construction work as early as possible by taking advantage of the occasion provided by the interruption of airport operations by working day and night," his office said.

Japan, along with Japan Airport Consultants Inc. (JAC) and Nippon Koei Co., is the main contractor for the project. Ltd. (NK) as advisors. The government will construct a new multi-level terminal building, two new piers, and a connexion path.

Arrivals and departures are divided vertically in the multi-level terminal building (Terminal 2) with a floor area of 180,000 m2. The project also involves modern parking apron taxiways, elevated access roads, multi-story parking facilities, and public utilities. The airport will consist of a new multi-level terminal structure, two new piers, and a connecting course will construct under the scheme.

The unique tier consists of making a new multi-level terminal building (Terminal 2) with an estimated floor area of 180,000 m2. Hence vertically separating arrivals and departures, Pier 2 and Pier 3 with a connecting concourse, new parking aprons and taxiways, elevated access roads, multi-story parking, and public services. Once finalized, the new terminal will be able to handle a further 9 million passengers per year and will allow BIA to manage an aggregate of 15 million passengers per year.

Speaking at the meeting, the Secretary of the Ministry of Tourism and Aviation, S Hettiarachchi, stressed the importance of completing this project in 3 years to grow the aviation industry in Sri Lanka. Besides, he described the main aspects of the building project and the government's strategy.

Sri Lanka's airport and aviation industry are currently undergoing a facelift with the government of Sri Lanka, giving prominence to the development and upliftment of the country's airports, including the main international airport in the island. Sri Lanka's national carrier is also undergoing a restructuring program. The airline is also on the lookout for a foreign investor to form a joint venture operation. Sri Lanka's ecological positioning in the Indian Ocean region, the ease of doing business environment, and the strong trade ties with foreign nations have made Sri Lanka the ideal business destination in the South Asian region. All this indicates the growing business/investment potential in Sri Lanka's airport and aviation industry.

OSL Take: The government of Sri Lanka focused on making the country a maritime hub in the Indian Ocean region. The latest accomplishments of the Colombo and Hambantota Ports indicates that the government is closing in on achieving the target. The port already has an industrial zone on the premises, which provides an ideal business space for companies engaged in exports and logistics.

All these advancements would help Sri Lanka engage in trade activities with other countries. On the other hand, Sri Lanka could entice more cruise liners to the state by developing other harbors worldwide and developing the required infrastructure facilities. Foreign businesses/investors should explore the increasing investment opportunities in Sri Lanka's ports and shipping sector.

VBS/AT/0511/2020/Z_TB2

 

 

Consulate in Egypt promotes Sri Lankan shipping opportunities to Suez Canal Authority

On 23 September, on the initiative of the Ambassador of Sri Lanka to Egypt, Damayanthie Rajapakse, First Administrator (Industrial) Shiwanthi Abeyrathne and Trade Associate of the Embassy, Ahmed Selim, visited the Suez Canal Authority in Ismailia, Egypt.

This trip held to address the technical capabilities of Sri Lanka in the field of shipbuilding and shipbuilding and dry-dock facilities, its potential for nautical tourism, and the exploration of avenue tourism. Embassy officials met with the Suez Canal Authority team led by Salah Eldin Gouda Abomosallam, the Director of the Procurement Department. Shiwanthi Abeyrathne highlighted the rapidly increasing technological advances made by Sri Lanka in this sector during the discussions. He also stressed on its strategic location, highly trained workforce, low labor costs, and the handiness of one of the finest natural ports in the Asian area paved the way for the success achieved by Sri Lanka in the boat and shipbuilding sector.

To demonstrate the shipbuilding excellence achieved by Sri Lanka, the KDDI Cable Laying Vessel designed by Colombo Dockyard PLC emphasized. Following the presentation made by the Mission officials, the Suez Canal Authority team expressed their keen interest in the purchase from Sri Lanka of tugboats, pilot boats, and dredgers.

Accordingly, the Mission officials agreed to pursue the matter with the Sri Lankan stakeholders, exploring all possible avenues for establishing relations between the Suez Canal Authority and the Sri Lankan counterparts for the supply of the vessels manufactured in Sri Lanka needed.

The ancient backdrop of Sri Lanka supporting Egypt and the Suez crisis at the UN General Assembly in 1956. Subsequently, the election of Sri Lanka as a member of the Suez Advisory Board was discussed during the deliberations, bringing to light the critical milestones in history that have improved diplomatic ties between Sri Lanka and Egypt.

OSL Take: The government of Sri Lanka focused on making the country a maritime hub in the Indian Ocean region. Colombo and Hambantota Ports has seen progress indicating that the government's objectives may by fulfilled soon. The port already has an industrial zone on the premises, which provides an ideal business space for companies engaged in exports and logistics.

All these developments would help Sri Lanka engage in trade activities with other countries. On the other hand, Sri Lanka could attract more cruise liners to the state by developing other harbors worldwide and developing the required infrastructure facilities. Foreign businesses/investors should explore the increasing investment opportunities in Sri Lanka's ports and shipping sector.

 VBS/AT/0511/2020/Z_TB1