ASTANA (KazInform) — Extraordinary and Plenipotentiary Ambassador of Kazakhstan to Egypt Arman Issagaliyev told a briefing held at the Kazakh MFA that a Kazakhstan-Egypt Pharmaceutical Park is planned to produce pharmaceuticals in Almaty.

“A number of investment projects is being implemented currently, one of them is to build the Kazakhstan-Egypt Pharmaceutical Park in Almaty. We jointly with the Kazakh Investments and Development Ministry, KazakhInvest Company are working upon this project", the Ambassador said.

According to him, Egypt’s pharmaceuticals are in sufficient demand at Kazakhstan’s market:

There are more than 40 Egypt’s medical preparations at the country’s market and I believe the foundation of the Kazakhstan-Egypt Pharmaceutical Park in Almaty will help enter other markets of the region and EAEU.

He said that the cost of the project is estimated at $25 mln. “Currently, Egypt’s MUP pharmaceutical company is seeking for partners. They are ready to channel the bulk of amount. They were ready to start implementing the project back to 2016 but due to devaluation of Egypt’s currency they had to look for another source of funding”, Issagaliyev said.

The Ambassador also declared that Kazakhstan intends to restart its grain exports to Egypt. “Egypt is interested in building facilities to store Kazakhstan’s grain for further distribution the countrywide”, he went on. The commodity turnover between Kazakhstan and Egypt reached $62.4 mln in 2017. For the first six months of 2018 the sales hit $60.6 mln.