VTSIX Group, an India-based pharmaceutical company, will set up a factory in Cambodia in early 2018 after signing a land lease agreement with Phnom Penh Special Economic Zone (PPSEZ) on November 8.
Hiroshi Uematsu, CEO of PPSEZ, said the upcoming pharmaceutical plant will comply with the Word Health Organisation’s Good Manufacturing Practices (WHO GMP), adding that the entry of the Indian company into the local market will help diversify the country’s industrial output.
“We are glad to welcome a modern pharmaceutical company from India here in our international economic zone, and we will provide our full support to VTSIX Group to successfully launch and conduct their manufacturing.
“We wish the company all success and prosperity on their Cambodia project, which in turn will help create more career opportunities for Cambodian people and promote the development of the country,” said Mr Uematsu.
VTSIX Group produces a wide range of oral pharmaceuticals, including tablets, capsules and syrups. The company brings a significant amount of investment into the kingdom, aiming to produce up to 500 million units per year in the form of capsules, tablets or syrups – a solid output that will require the employment of at least 25 well-trained and qualified workers.
Bilateral trade between India and Cambodia reached $160 million during the years 2014 and 2015 combined, an increase of about 4 percent from the period 2013-2014, when trade amounted to $154 million, according to a report from the Federation of Indian Chambers of Commerce and Industry.
Cambodia exported footwear, rubber, cement, stone and salt, as well as a variety of fruit and nuts, to India. Indian exports to Cambodia were made up of pharmaceutical products, cotton and man-made fibers, leather, vehicles and plastic.