Medochemie to invest $23m in Egyptian unit

August 2017

Cyprus-based Medochemie, a pharmaceutical company, seeks to invest €20 million ($23.06 million) to launch a factory in Egypt, said a senior official of Industrial Development Authority (IDA).

Medochemie, established in 1976 in Cyprus, has nine pharmaceutical plants in Cyprus, as well as a factory in the Netherlands and three factories in Vietnam.

The company expressed an interest to expand in the Middle East and North Africa (Mena) region through the establishment of a new plant in Egypt depending on local employment, Ahmed Abdel Razek, head of IDA, was quoted as saying in a Daily News Egypt report.

The new factory will be set up on an area of 10,000 sq m, it said.

Razek explained that the required area is in one of the industrial areas near the ports and the Suez Canal axis, where the company aims to export its entire production to the parent company in Cyprus.

IDA and Medochemie agreed to nominate a number of industrial zones and offer them to the company suitable for the establishment of the project, with the preparation of the company for an integrated study of the project in the next few days, added the report.

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