- PM’s aide says govt wants to help investors grow their businesses, engage in exports and contribute more to national economy
- PepsiCo chief says his company will invest another $1 billion in Pakistan in the next five years
MULTAN: Advisor to Prime Minister on Commerce Abdul Razak Dawood on Thursday assured further relief to the business community in the upcoming budget 2019-20.
Addressing the inauguration ceremony of a PepsiCo plant, established at a cost of $63 million, in the Industrial Estate Area (IEA), Multan, Dawood said that duties on imported raw material would be reduced in the upcoming national budget.
PepsiCo Asia, Middle East & North Africa Chief Executive Officer Mike Spanos was also present on the occasion.
The PM’s advisor said the government was committed to changing the direction of the economy and that the products manufactured in Pakistan would also be exported to earn foreign exchange.
He highlighted the government’s desire to facilitate investors so that they could grow their businesses, engage in exports and contribute more to the national economy.
The advisor said that the government believed in providing incentives as well as a conducive environment to foreign investors.
“Operations of multinational companies are important in Pakistan due to their strict safety standards, quality control and professional approach,” he maintained.
The PM’s aide said that Multan was the hub of agriculture and there were enormous potential and opportunities for investment in the historic city.
He appreciated that despite a sharp fall in potato prices, farmers engaged with PepsiCo received double prices for their potato produce. The company kept showing sincerity to farmers even during the potato price crisis, he added.
Dawood hailed the host company for giving jobs to women, almost 25 per cent of their overall staff, in Pakistan.
To a demand by the host company, he said if PepsiCo wanted to export its products to Afghanistan and other countries, the government would endorse its plan.
Speaking on the occasion, PepsiCo CEO Mike Spanos said his company always gave priority to Pakistan due to its large youth force. He said he was impressed by the people and food in Pakistan, adding that he would try to convince other multinationals to invest in the country.
He said that Pakistan provides a good investment environment with future prospects for investors.
“PepsiCo invested $800 million during the last five years and is committed to investing another $1 billion in the next five years.”