New Delhi, Apr 15 (KNN) The Commerce Ministry is planning to open common warehouse facilities in some key foreign markets to cater to the small and medium scale pharmaceutical exporters to cut down their rent expenses.
 
Pharmaceutical Export Promotion Council of India (Pharmexcil) as a facilitator will open the first overseas warehouse in Nigeria.
 
“The agency had already identified the place and checked the land in the African country.  By using the government warehouse the SMEs will be able to save up to 75 per cent of their rent expenditures and thereby improve the export performance,” said SME Panel chief of Pharmexcil, Nipun Jain.
 
The government will give 75 per cent, 50 per cent and 33 per cent subsidies for three years respectively to the SMEs for using the warehouse.
 
India is the biggest source for pharmaceutical products in Nigeria.  Pharma exports to this African country have grown over 30 per cent in the recent past.  The two countries signed a memorandum of understanding on cooperation in the pharmaceutical sector in March 2011.
 
Depending on the success of the first one, the government will help Pharmexcil to open more warehouses in countries like Japan in the next phase. (KNN)