KUALA LUMPUR: Ho Wah Genting Bhd, through Indonesian subsidiary PT Ho Wah Genting, is ready to tap into the fastest growing pharmaceutical market in Asean while maintaining its existing line of business in manufacturing wires and cables.
Ho Wah Genting said PT Ho Wah had obtained permits to manufacture and distribute pharmaceutical products from Indonesian Investment Coordinating Board.
"The Online Single Submission Commission (OSS) of Indonesia published a government notice dated July 20, 2020 allowing PT Ho Wah to manufacture and distribute pharmaceutical products within and outside Indonesia.
"The licence issued by OSS will grant it permission to import raw materials for use in producing these pharmaceutical products," it said.
Ho Wah chief executive officer Datuk Aaron Lim said the licence would enable PT Ho Wah to capture the huge market in Indonesia where demand for pharmaceutical products had risen exponentially given the country's economic growth and prosperity.
Lim said this would be an important contributor to its healthcare business that the group had ventured into and announced earlier in March 2020.
"The licence also allows us to export the pharmaceuticals from our Batam plant while we are still looking into its feasibility as this is subject to local laws," he said.