Prime minister Sheikh Hasina is expected to unveil the plaque of the much-awaited Active Pharmaceutical Ingredients (API) Park project next month in Gazaria of Munshiganj district.
The project will cost Tk 3.31 billion.
Industries Minister Dilip Barua disclosed it after signing a memorandum of understanding at the industries ministry on Wednesday.
The project is being built on 200 acres of land at Bawsia of Gazaria in the district, which is expected to help boost the local pharmaceuticals industry by lessening dependency on imported raw materials.
A memorandum of understanding (MoU) between Bangladesh Small and Cottage Industries Corporation (BSCIC) and Bangladesh Association of Pharmaceutical Industries (BAPI) was signed in this regard.
BSCIC chairman Shyamsundar Shikdar and BAPI president Salman F Rahman signed the MoU on behalf of their respective institutions where health and family welfare minister Dr AFM Ruhal Haq and Mohammad Moinuddin Abdullah were also present.
Speaking on the occasion, the health and family welfare minister said the country is now producing 98 per cent of its total demand for medicine, and exporting the same to around 86 countries of Europe, Africa and Asia. “Most pharmaceutical raw materials could be produced locally through implementation of the project, which will of course enhance the country’s competitiveness at the global stage,” he said.
The authorities concerned have already completed tasks like land acquisition and earth filling in the project area from where 42 companies can produce raw materials for the industry.