Singapore to invest US$15 million on pharmacy industry

Singapore has stated its interest to invest in the pharmacy industry worth US$15 million.

“Singapore will use the three-hour service facility system in arranging the permit of its plan to make investment in the pharmacy sector,” Chief of Investment Coordinating Board Franky Sibarani stated on a press release received here on Sunday.

Franky said the candidate investor company has a data centre operated in India with employment reached 12 thousand people in the world.

The company employs 600 researchers and markets their products to 18 European countries and also more than 30 others in the world. The investor is the first company who utilize nano technology for pharmacy industry.

“Its product is a medicine used to protect live cell from cancer and eliminate cancer,” Franky said.

According to Franky, the company is interested to invest in Indonesia because the country has big market, added with other ASEAN countries.

Indonesia, says Franky, need investment in pharmacy industry to boost technology transfer.

The Board noted that the company also is a also a challenge to Indonesia, particularly the related ministries, to provide service for permit in a short length of time.

“Thus, the coordinating board pushes the relevant agency to process permits in three hours as the investment will involved an amount of US$8 million,” Franky went on.

The coordinating agency has met several Singaporean companies engaged in telecommunication, pharmacy, real estate and maritime sectors.

During the meeting, the agency also signed a Memorandum of Understanding (MoU) with UOB Bank to promote investment potential.

Singapore is one of the biggest foreign direct investment source to Indonesia.

The country has noted Foreign Direct Investment up to the third quarter of 2015 at US$ 30 billion with 6,868 projects in the transportation, telecommunication, warehousing, plantation, mining, mineral and non-metal sectors as well as in the power generator sector.