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Indian firm to end Kazakhstan’s dependence on imported insulin
The Indian firm also signed a memorandum of cooperation last week with state-run Kazakh Invest for supporting the project, which Kazakh officials said, will end their country’s complete dependence on imported insulin.
Kazakhstan is set to overcome its dependence on imported insulin with an Indian firm planning to produce the drug at a facility in Almaty, reflecting the growing interest in Central Asia among India’s pharmaceutical companies.
Indian and Kazakh officials admit bilateral trade, currently worth nearly $1 billion, has been held back by lack of connectivity and lack of information on both sides.
The Kazakh government has stepped up efforts to woo Indian investors to overcome these problems, with 12 Indian firms participating in last week’s Astana Economic Forum.
India’s RV Healthcare has inked a long-term agreement with the Kazakh health ministry to supply insulin and cancer medicines over 10 years. The firm’s new plant in the suburbs of Almaty is set to begin producing insulin within three years, after the drug is registered with local authorities.
The Indian firm also signed a memorandum of cooperation last week with state-run Kazakh Invest for supporting the project, which Kazakh officials said, will end their country’s complete dependence on imported insulin.
There is considerable scope for Indian firms to tap markets in Central Asia, especially Uzbekistan and Tajikistan, by using Kazakhstan as a base, said RV Healthcare CEO Rajeev Sharma and regional head Rahul Singh. “The Eurasian Economic Union, an agreement between Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, also facilitates the free movement of goods,” said Singh.
Representatives of Indian firms and organisations such as Punjab National Bank (PNB), NTPC, ONGC Videsh, CG Corp Global and Invest India held meetings with senior Kazakh officials during their visit to explore business and investment opportunities. PNB holds a 49% stake in Kazakhstan’s Tengri Bank.
Kazakh Invest chief Saparbek Tuyakbayev said: “We are focusing on India to overcome the lack of information. We have organised about five events in India to create awareness and also set up an office in Delhi.”
Kazakh officials said preliminary agreements had been reached on projects worth more than $300 million, including a complex for foreign tourists in Almaty, a ski resort in Turkestan and an amusement park in Shymkent city.
(The writer was in Astana at the invitation of the Kazakh government.)
