Ras Al Khaimah: A Syrian business delegation proposed on Tuesday the setting up of a plant for the Gulf Pharmaceutical Industries (Julphar) in Syria.

Syrian authorities have already chosen Julphar to provide them with various types of pharmaceutical products based on the use of the honesty profit scheme (10 per cent margin profit).

The delegation, led by Dr Marwan Al Fawaz, who heads the Syrian Public Authority of Foreign Trade, held talks on setting up the plant with Abul Razzaq Al Yousef, managing director of Julphar.

Julphar's management announced that it is seriously considering the Syrian offer and a decision will soon be taken as part of the expansion plan Julphar has been implementing recently.

Dr Fawaz said the offer was aimed at giving the Syrian pharmaceutical industry the chance to benefit from Julphar's expertise

"The local plants in Syria, about 60 of them, meet 80 per cent of the local needs of pharmaceutical products," said Al Fawaz.

"Some of the Julpahr products are not even available in Syria. Julphar will meet the shortage and provide the unavailable products," he added.

He explained that during 2007, Julphar exported $2.8 million worth of pharmaceutical products to Syria, of which $1.5 million worth of products were provided to the Syrian authorities under the honesty profit scheme.

Cooperation

"Syria is looking forward to expanding cooperation with Julphar and setting up a plant in Syria to support our local pharmaceutical industry," he said.

Al Yousef said that the delegation's visit opened new avenues of cooperation between Julphar and Syria.