A Pakistani firm that exports fresh fruits and vegetables as well as their value-added products has announced an investment of $15 million in the food and beverage sector over the next four years.
Talking to The Express Tribune, IAC Director of Marketing Waheed Ahmed said that the company had invested $10 million in the previous two years to produce products according to international standards for the domestic and export markets. Now, the company will add another investment of $15 million.
He claimed that the total investment of $25 million over six years would be the largest capital injection by a company in Pakistan’s food and beverage sector.
The investment will be poured into the field of farming along with innovation in packaging, introduction of new varieties, and undertaking research and development.
Ahmed emphasised that despite the global outbreak of the Covid-19 pandemic and economic challenges, his group made new investments with the aim of playing a role in solving the economic crisis in Pakistan.
IAC’s investment is also aimed at harnessing the opportunities for Pakistan as an agricultural economy. “On the one hand, the investment will increase the share of Pakistan in the international food and beverage market and will become a source of foreign exchange earnings, while on the other hand, the trend of value addition will be promoted at the domestic level.”
He expressed hope that the export of food and beverage products to Australia, the Middle East, Europe and western countries would start by next year.
Published in The Express Tribune, November 6th, 2022.
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