Citi Pharma will build a factory in Namangan
The Pakistani company Citi Pharma Limited has signed an agreement with the Deputy Governor of Namangan region to establish a subsidiary company.
"This enterprise will be fully owned by Uzbekistan and will allow the company to produce syrups, liquids, psychotropic substances, etc.", – the company said in a statement on the Pakistan Stock Exchange.
“The project will be implemented at a total project cost of $3 million. Citi Pharm will contribute $1 million as equity, and local/international banks of Uzbekistan will provide long-term debt in the amount of $2 million at subsidized rates".
The Government of Uzbekistan has allocated a land plot of 5 hectares (12.35 acres) free of charge. Also, the basic project will have a tax-free status for 10 years, the notification says.
Citi Pharma said that subject to regulatory approval, the project should be completed and launched within one year.