Bangalore, January 06: The Pharma Export Promotion Council of India has initiated the process of setting up a warehouse facility in Lagos in Nigeria which can apparently help Indian pharma SMEs that export to the African countries.
A warehouse in an African country can help the Indian pharma SMEs, especially those from Gujarat, in terms of logistic costs. The Council, in a notice on its official website, has elaborated all the benefits of such a warehouse including internal logistics through approved agencies, advanced security provisions, power back-up facilities apart from additional services like insurance and bank remittances, Business Standard reports (Read Full Story).
The Council has decided to provide heavy subsidies on the rentals of the warehousing facility. The project is developed in collaboration with the Union Ministry of Commerce.
"This is indeed good news for pharma SME companies of Gujarat who export to various countries in the African continent," Chirag Doshi, chairman of the Gujarat State Board of the Indian Drug Manufacturers Association (IDMA) was quoted as saying to the publication. It should be noted that nearly 60 per cent of net SME pharma exports from Gujarat is shipped to African and Latin American countries. According to unnamed sources, the Council plans to set up similar warehouses in other key markets like Latin American countries and other African countries if the Lagos venture is successful.