Promoting medical enterprises
$17 million project for manufacturing medical supplies benefits from IDAL incentives
July 29, 2011- Arwan Pharmaceutical Industries s.a.l received a package of incentives from the Investment Development Authority of Lebanon (IDAL) for its project to manufacture medical and pharmaceutical supplies.
The company will manufacture generic injectables and biotechnology products. Located in the Chouf village of Jadra, Arwan’s factory will be launched by early 2012.
According to the Chairman of Arwan, Abdul Razzaq Yousef, 96 percent of the factory’s product will be exported to Arab and African states. The value of the investment amounts to $17 million and the project offers a minimum of 83 job opportunities.
The enterprise will be exempted from income tax and tax on distribution of dividends for ten years. It will also benefit from a fee reduction on work permits and residency, as well as on the registration fee of the land lease.
The Chairman of IDAL, Nabil Itani, said that the sector of manufacturing medical supplies is packed with lucrative investment opportunities. He said that investment in the sector has increased as many factories expanded their range of products and developed their facilities. According to Itani, the pharmaceutical and medical supplies’ market has posted a steady growth throughout the past few years. He said that the yearly average of spending on pharmaceuticals and medical supplies stands at $154 per individual.
Date Posted: Aug 02, 2011