Jeddah deal to support pharmaceutical venture

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, Jeddah, Saudi Arabia, and Kolon Group of South Korea, a diversified industrial Korean company, have signed a memorandum of understanding (MoU) in Jeddah for the establishment of a joint venture company and pharmaceutical plant in Cote d’Ivoire .
The partnership seeks setting up a joint venture company to set up a pharmaceutical plant and engage in the sales of pharmaceutical products in the Republic of Côte d’Ivoire and in West Africa.
Khalid Al Aboodi, ICD general manager and chief executive officer, said this partnership aims at providing accessible drugs and medicines in the West African region.
“Africa and the health care industry are key strategic directions for ICD and we hope via this kind of strategic partnership, it will help to further increase our presence in the continent and in the medicine sector,” said Khalid Al-Aboodi.
Sang-Ho Shin, senior executive vice president of Kolon Group, said: “Kolon Group is very proud to cement relationship with ICD and to bring Kolon’s recognized expertise in the pharmaceutical industry in Africa.”
Kolon Group was established in 1954 and operates today in 12 subsidiaries and nineteen liaison offices outside Korea.
Kolon Group is a Korean conglomerate with strong presence in the pharmaceutical, natural resources, and energy sector.
Kolon Group is composed of diversified companies which concentrate on environment, petroleum chemicals, construction, and fashion which have led the rapid growth and development of the Korean economy.
The mandate of ICD is to support the economic development of its member countries through provision of finance to private sector projects in accordance with the principles of the Shariah.
Furthermore, ICD mobilizes additional resources for projects and encourages the development of Islamic financing and capital markets.
It also attracts co-financiers for its projects and provides advice to governments and private sector groups on policies aimed at encouraging the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and enhancing the role of market economy.