TEHRAN — The Novo Nordisk pharmaceutical company of Denmark will invest 70 million euros to set up an insulin producing factory in Iran, IRIB reported.

On the sidelines of the Iran-Denmark trade conference, which was held in Tehran on Tuesday, an official at the Danish company said that “recently in September we have signed a memorandum of understanding together with the minister of health that is to establish an insulin producing factory in Iran.”

Jim Ozange went on to say that “this will be our seventh factory in the world and there will be an investment of 70 million euros and we are expecting the factory to come on stream in five years.”

He further stated that the total investment will be pure Novo Nordisk investment and that they are aiming at employing around 160 people most of whom will be Iranian graduates and Iranian employees.

Novo Nordisk is a Danish multinational pharmaceutical company headquartered in Bagsværd, Denmark, with production facilities in seven countries, and affiliates or offices in 75 countries.

A delegation of 58 Danish companies, headed by the country’s foreign minister Kristian Jensen, met on Monday with Iranian officials in various areas such as energy, shipping, agriculture and health.

MQ