Medicamen Organics expands its footprint in East Africa with $75,000 Investment in Rwanda
Medicamen Organics Limited has taken a significant step in its global expansion strategy by signing a Memorandum of Understanding (MoU) with Depot Pharmacy Yego Ltd in Rwanda. This agreement marks the commencement of Medicamen Organics’ operations in Rwanda as a subsidiary, with an initial investment of US$75,000. This investment covers capital and product registration costs in the first phase.
“This investment will significantly boost our turnover and profit margins starting this year and will continue to grow year by year,” stated Ashutosh Gupta, Whole-time Director of Medicamen Organics Limited. “The Rwandan market is expanding and can serve as our gateway to the East African region,” he added.
Medicamen Organics Limited’s decision to invest in Rwanda is based on the country’s strategic regional positioning, low-risk factors, excellent connectivity, growing private sector, and preferential tax rates. Rwanda remains an attractive location for foreign investment, being one of the world’s fastest-growing economies with a conducive business environment.
Medicamen Organics Limited plans to establish its own warehouse and depot in Kigali, Rwanda. The company will import products into Rwanda through Depot Pharmacy Yego Ltd from various countries, including the United Kingdom, France, Belgium, India, China, Kenya, Tanzania, and Uganda.
In a related development, Medicamen Organics Limited recently listed its stock on NSE Emerge. The stock issue was oversubscribed by more than 993 times,with a listing price of â¹137 against the issue price of â¹34. This overwhelming response from the market underscores the confidence investors have in the management and growth prospects of Medicamen Organics Limited.
India enjoys robust bilateral economic and cultural relations with Rwanda, with bilateral trade totaling US$140.96 million in 2020-21. India exported goods worth $134.29 million to Rwanda, primarily electrical and mechanical machinery, pharmaceuticals, and vehicles, while importing $6.67 million worth of goods, including metallic articles, precious stones, tea, and coffee.
Rwanda is seen as a strategic market due to its strong regional and intracontinental engagements. Despite the challenges posed by the COVID-19 pandemic, Rwanda’s economy grew by 8.2 percent in 2022, driven by strong performance in industry, construction, services, and agriculture.
Medicamen Organics Limited’s investment in Rwanda is poised to leverage these favorable economic conditions and drive the company’s growth in the East African region.
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