The largest Yugoslav manufacturer of pharmaceuticals builds factories in Russia

The largest Yugoslavian pharmaceutical company Hemofarm based in Vrsac will build a factory in Obninsk (Kaluga region, three hours away from Moscow).

Obninsk mayor Igor Mironov and head of Hemofarm Miodrag Babic signed the construction contract in Moscow on Thursday. The respective Russian and Yugoslavian Chamber of Commerce Chairs Evgeni Primakov and Slobodan Korac attended the signing ceremony.

According to the contract, the Yugoslavian side will start the construction of the factory, which costs $22.5 million dollars, as early as next spring. It will be the first industrial installation on Russian territory that is built with 100 percent Yugoslavian capital.

Miodrag Babic stated that the construction of the factory would significantly increase Hemofarm's presence on the Russian market.

"Russia is the country of the future because it has an enormous potential, natural resources, human capital and a huge market," he said. "The future will prove that investing in the Russian economy is a right way to do business in the next 10-15 years". Mr. Babic also pointed out that "now is the time to invest and build facilities in different regions of Russia".

Hemofarm presently supplies Russia with $25 million dollars worth of various pharmaceutical products. In five years the volume should increase to about $100 million dollars.

In the next two months, Hemofarm specialists will finish the turnkey construction of a pharmaceutical factory in the Tyumen region (Western Siberia).