CAPE TOWN – Aspen welcomed President Ramaphosa’s inaugural Investment Conference, aimed at positioning South Africa as a preferred investment destination and at establishing a more predictable and stable investment environment in our country.
Amongst other initiatives, this included facilitating the ease of doing business and reducing unnecessary regulatory burden in the South African pharmaceutical sector, the company said.
These initiatives are aimed at rewarding investors and contributing to higher levels of inclusive growth in the country, Aspen added.
"Following the positive sentiment from the President’s announcement of a $100bn investment target and his recently released economic stimulus measures, Aspen is pleased to announce an additional R3,4bn capital expenditure investment at its Port Elizabeth manufacturing site, South Africa’s single biggest pharmaceutical investment", the company said.
“The President’s commitment to establishing a more predictable, stable investment environment and reducing regulatory burden in key economic sectors, such as the pharmaceutical sector, is very encouraging and supports Aspen’s decision to make this R3,4bn investment in sterile anaesthetics manufacture, a niche, high tech manufacturing capability that presents both domestic and export opportunities” said Stavros Nicolaou, Aspen Senior Executive, speaking at the conference.
During the announcement at the conference, Nicolaou added, “While Aspen operates manufacturing plants in many geographies, it has chosen South Africa as the location for its largest and most critical manufacturing facilities. Aspen is encouraged by the South African Government’s investment direction, but a number of regulatory hurdles remain in the pharmaceutical sector. Our latest investment undertaking is a clear vote of confidence in the President’s commitment to resolving these hurdles and establishing a more conducive investment climate in the sector, bringing with it the momentum for further pharmaceutical investments.”
Nicolaou concluded that, “Aspen has become one of the global leaders in a number of niche, specialty therapeutic segments, such as anaesthetic, high potency and injectable anti-coagulant products, which present highly specialised public and private health opportunities. The ongoing investment in our Port Elizabeth site will transform it into one of the world’s leading global hubs for anaesthetic products and will provide a tremendous economic boost for the Eastern Cape, one of the country’s most economically challenged provinces. This is an achievement that both Aspen and our country can be extremely proud of.”
BUSINESS REPORT ONLINE