Financial Daily from THE HINDU group of publications
Friday, Aug 09, 2002
Financial Daily from THE HINDU group of publications Friday, Aug 09, 2002 |
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Industry & Economy
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Chemicals `Use cost advantage to lure foreign drug cos' Our Bureau
The FICCI President, Mr R.S. Lodha, flanked by the German Ambassador to India, Mr H. Richter, and the Secretary, Department of Chemicals and Petrochemicals, Mr Vinay Kohli, at a press conference in the Capital on Thursday.
NEW DELHI, Aug. 8 INDIA can use its competitive cost advantage to lure foreign pharmaceutical companies to set up their research and development centres in the country, according to Mr Vinay Kohli, Secretary, Department of Chemicals and Petrochemicals. "The future of the chemical and pharmaceutical industry in India is very bright," he said, speaking at the curtain-raiser media conference to announce India-Chem 2002. "India-Chem 2002 can provide the platform required to forge partnerships between Indian and foreign pharmaceutical companies,'' he said. The expo will be inaugurated by the Prime Minister, Mr Atal Bihari Vajpayee. India-Chem 2002 is jointly organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), the Department of Chemicals and Petrochemicals, and related industry associations. "The pharmaceutical industry is expected to become a $25-billion one in the next five years. Exports in this segment are also slated to grow at the rate of 19 per cent to reach Rs 25,000 crore by 2007 from the current level of Rs 9,000 crore," according to Mr R.S. Lodha, President, FICCI. More than 162 Indian and foreign companies have already confirmed participation. Germany is the lead country in India-Chem 2002. German majors such as Bayer, Degussa Hulls and Adams Armaturen are some of the companies which are taking part. Maharashtra is the partner State for the event. And, US will be the "guest country''. A special pavilion of Common Wealth of Pennsylvania has been created to promote business tie-ups between companies of that State with Indian industry, FICCI said. After the success of India-Africa Health Summit held at Mumbai in March 2001, FICCI is now planning a health summit with Latin American and Central Asian countries, jointly with Ministry of Commerce, Government of India. This will be a concurrent show with India-Chem 2002 exhibition.
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