PESHAWAR: Carium Innovation Company on Thursday expressed interest in setting up a unit for producing oil used as raw material in pharmaceuticals, cosmetics, and other products in Khyber Pakhtunkhwa.
The company, with both Pakistani and Chinese shareholders, plans to establish an industrial unit at Gadoon Economic Zone with an initial investment of $1.6 million. Eucalyptus, tobacco, and other herbs will be used as raw materials for the product.
A meeting was held at the Khyber Pakhtunkhwa Board of Investment & Trade (KP-BoIT) chaired by Special Assistant to KP CM on Industries, Commerce, and Technical Education, Abdul Karim Khan Tordher.
The meeting was attended by Managing Director (MD) of Carium Innovation Dr. Sami Iqbal, Director of Business Facilitation at KP-BoIT Iqbal Sarwar, other board authorities, and representatives from the University of Swabi and concerned departments.
During the meeting, Dr. Sami Iqbal presented a detailed proposal for the project, highlighting the importance and potential of extracting oil using modern technology in Khyber Pakhtunkhwa.
He explained that the oil extracted would be used in the production of pharmaceuticals, cosmetics, and other products. Dr. Iqbal also mentioned that local farmers could be trained to produce the required herbs, which the company would then procure as raw materials.
Dr. Iqbal requested the issuance of the necessary No Objection Certificate (NoC) and facilitation for other phases of the project.
Special Assistant Abdul Karim Khan Tordher praised the initiative as unique and assured that KP-BoIT would provide assistance to the investors. He suggested facilitating the investment group to extract oil from olive resources in the province and utilizing suitable land at the University of Swabi and Pehur High-Level Canal for the production of medicinal plants needed for the oil.
Discussions also covered the activation of the lab at the University of Swabi and potential joint efforts with the company.
Tordher noted that various species of medicinal plants are found across Khyber Pakhtunkhwa, but local industries for their utilization are lacking. He emphasized that the project could drive commercial and economic development in the region.
