Unilever Plc the Dutch consumer goods company has announced $120 million foreign direct investment in Pakistan. The company wants to expand its operations in Pakistan with this mega investment.
This announcement was welcomed in Pakistan with open arms as Pakistan does need a boost in its consumer goods industry.
Unilever says. “A majority of the investment will be made to enhance manufacturing operations across Unilever’s four factories in Pakistan over the next two years.”
Currently, Unilever manufactures around 30 brands including food, ice creams, drinks, home and personal care items and much more.
Talking about Unilever Pakistan, the company’s Senior Manager Corporate Affairs Hussain Ali Talib said, “Unilever is aiming to make it a billion-euro firm next year from 800-810 million euros present.”
The company said, “In 2013, Unilever Overseas Holdings, which is a majority shareholder in Unilever Pakistan Limited, invested over €400 million in Pakistan, which is the single largest foreign direct investment in the recent history of Pakistan.”
Unilever’s operation in Pakistan is being called one of the best business investments by Unilever around the world.
The statement further said, “The new investment reaffirmed Unilever’s strong commitment to local operations and to Pakistan’s economic potential.”
This investment was made by a Unilever Pakistan delegation in a meeting with Miftah Ismail Adviser to Prime Minister on Finance.
Ismail said, “The investment is indeed an acknowledgment of the country’s growth potential and the macroeconomic stability it has gained over the last four years.”
Presently the Overseas Investors Chamber of Commerce and Industry Secretary General M Abdul Aleem said that investments will be made in the auto, infrastructure and liquefied natural gas (LNG) import terminal industries of Pakistan by the European investors.
He said, “Pakistan carries a huge potential to grow. Investment climate will be much better in the post-election period.” Adding, “FDI may total around $3 billion this fiscal year.”
Unilever Pakistan CEO Shazia Syed said, “We have been part of Pakistan’s growth for nearly 70 years, during which time we have seen our business grow to over 30 brands. We take pride that over 95% of our brands are produced locally, creating employment for thousands, contributing to the exchequer and simultaneously creating a better future every day for the people of Pakistan.”