Chinese pharmaceutical giant Shanghai Fosun Pharmaceutical is expected to complete the first phase of its manufacturing facility near Abidjan, Ivory Coast’s biggest city, for antimalarial drugs and antibiotics by the end of the year.
The manufacturing facility, financed with €50 million (US$54.7) from the International Finance Corporation last year, is expected to produce 5 billion tablets annually once all three phases are completed.
According to Fosun, the project will bring nearly 1,000 job opportunities to the Grand-Bassam area east of Abidjan.
Fosun Pharma is one of a growing number of Chinese companies to set up offshore manufacturing plants in Africa as they search for markets for pharmaceuticals and medical products under the “health silk road” – a nickname for health sector investments under the Belt and Road Initiative, Beijing’s global trade and infrastructure strategy.President Xi Jinping promised during the Forum on China-Africa Cooperation (FOCAC) summit last month that Beijing would promote pharmaceutical production and the medical equipment industry in Africa, including access to active pharmaceutical ingredients, through co-investment by Chinese and African private sector players.
The construction of the plant in Ivory Coast has been driven by huge demand in Africa. The World Health Organization estimates sub-Saharan Africa accounts for more than 95 per cent of global malaria cases and deaths.
