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Indian Company Glocare Pharma Inaugurates $5Mn-Plant in Ethiopia

glocare-productsGlocare Pharma Manufacturing PLC, an Indian pharmaceutical manufacturer, has inaugurated its plant at Ethiopia's Kilinto Industrial Park built at a $5 million investment. The plant has a capacity of producing 600 million tablets and 7 million caps of medicine annually.

Glocare Pharma is the first pharmaceutical company to begin operation in the Kilinto Industrial Park, the Ethiopian Industrial Parks Development Corporation (IPDC) related.

Sandokan Debebe, CEO of IPDC, Ayele Teshome, State Minister of Health, and Robert Shetkintong, India's Ambassador to Ethiopia, have attended the inauguration ceremony.

While this is the first standalone Indian company to invest in pharmaceuticals in Ethiopia, other Indian companies have been involved in the sector in joint ventures with Ethiopian investors.

Source (Including Image): IPDC (Twitter)

Additional Sources: Ethiopian Monitor, FBC