Uzbekistan President Shavkat Mirziyoyev has been instrumental in creating a conducive environment for reforming the national economy; liberalizing foreign trade, tax and financial policies; supporting entrepreneurship; and guaranteeing the inviolability of private property. His administration has also prioritized accelerating the development of regions, strengthening social protection for citizens and increasing the priority of key areas of state policy. These efforts have led to an increase in opportunities and a guaranteed income, qualified resources, educational services and decent living conditions for the Uzbekistan populace. KUDUZOV MAKHMUD SALAMOVICH writes.
In line with these objectives, the president has established several assemblies of founders to explore and facilitate the creation of new enterprises. One such enterprise is River Med Pharm, which was established with the aim of producing modern, affordable and high-quality medicines for infusion solutions. The project was designed to create new jobs for the citizens of Uzbekistan and boost the country’s export market. The establishment of River Med Pharm began with its registration on the 12th February 2019 at the Public Services Center. Subsequently, on the 8th July 2019, the ‘khokim’ [governor] of the Syrdarya region allocated six hectares of land for the construction of the enterprise. In September 2020, the construction of the facility commenced at a project cost of US$8.2 million.
To ensure the success of the project, an agreement was reached on the 29th April 2021 for the provision of guarantees for the settlement service of guarantees with joint-stock commercial bank Asia Alliance Bank. The Islamic Corporation for the Development of the Private Sector also entered into an agreement with River Med Pharm for the purchase of a bottling line for the production of infusion solutions using Japanese technology.
Finally, in October 2022, the enterprise was officially accepted, with a capacity to produce 40 million pieces of infusion solutions annually, resulting in a projected revenue of US$10 million per year. The project has created 250 jobs, further promoting economic growth and development in Uzbekistan.
Kuduzov Makhmud Salamovich is the president of River Med Pharm Company. He can be contacted at Info@ RIVERMEDPHARM.com.