Cairo : Sun Pharma's first production unit in Egypt involving a total investment of USD 12.5 million was inaugurated on Monday, signalling growing bussines ties between India and the key Middle East nation.

India's Ambassador to Egypt Sanjay Bhattacharyya inaugurated Ranbaxy Egypt factory in 6th October City, the first production of Sun Pharma facility in Egypt.

"This is a particularly proud moment for us to raise the flag of India next to the flag of Egypt and that of Sun Pharma," Ambassador Bhattacharyya said during the inauguration.

The Ambassador added that India and Egypt share a partnership that goes back to millennia and in recent time both countries have seen a new partnership in a new era.

"President Abdel Fattah el-Sisi and Prime Minister Narendra Modi announced a joint statement (last year) in which they established this new partnership," he explained.

"We have seen over the years that Indian investments had continued to come to Egypt because India believes in the long term prospects of Egypt," the Ambassador added.

The holding company Sun Pharma is one of the largest pharmaceutical companies globally, producing a wide range of quality, affordable medicines trusted by health care professionals and patients across the world.

"In pharmaceuticals we believe that affordable and reliable generic medicines would provide the solution for developing countries like India and Egypt," the Ambassador said.

Ranbaxy Laboratories Limited (Ranbaxy) is a research-based international pharmaceutical company serving customers in over 150 countries.

"In the early 1990s we started our operation in Egypt and by mid of 2004 we wanted to establish the first factory in the Middle East and Egypt has been chosen to be the premises," said Hany Mashaal, Country General Manager at SUN PHARMA, Head-Rest of Middle East at Ranbaxy said.

"Despite several barriers and many of political and economic issues we decided to proceed with the investment due to our believe in the potential of the Egyptian market," he added.

"The importance has been increased after the visit of President Sisi to India in September last year, which motivated us to enhance our investment," Mashaal, who mentioned that the total investment of the project is about USD 12.5 million direct investment.