BUENOS AIRES, Dec 1: An agreement was signed here on Wednesday between Argentina's largest industrial group and Ferozsons Laboratories of Pakistan to set up a plant of biotechnology products for treatment of life-threatening diseases , including cancer and hepatitis.

The pact was signed by Sebastian Bago of Argentina's Laboratories and Osman Khalid Waheed of Ferozsons Laboratories. Minister of State for Investment and Privitisation Umar Ahmad Ghuman was present on the occasion.

The agreement envisages an initial investment of $5 million to be doubled subsequently. It is the first ever investment outside Latin America by the Argentine company.

The plant will be completed in two years and will meet European Union approved standards. The products will be marketed locally and also exported to the Asian region. -APP