Business

Minister vows to facilitate foreign investors

PTC gears up to export oral tobacco-free nicotine pouches to Japan

Our Correspondent May 28, 2024

Investors made high investment during June as there was growing confidence among them that the IMF loan programme would be revived. Photo: file

ISLAMABAD:

Federal Minister for Commerce Jam Kamal Khan has emphasised that Pakistan has always been an ideal destination for foreign investors and the government is doing its best to facilitate large-scale investors at all levels.

“Today’s event is a testimony of the government’s extended support under the premiership of PM Muhammad Shehbaz Sharif to such entities,” the minister said at the launch of Pakistan Tobacco Company (PTC)’s “Made in Pakistan 3.0” initiative on Monday.

The initiative, which will see the export of PTC’s modern oral tobacco-free nicotine pouches, Velo, to Japan, marks a significant milestone in the journey of innovation and economic contribution, which will potentially bring foreign exchange earnings of $100 million annually.

Kamal said the initiative not only exemplified PTC’s dedication to economic progress but also showcased Pakistan’s capability to produce high quality, innovative products for the global market.

In April 2019, PTC embarked on the “Made in Pakistan” initiative, in line with the government of Pakistan’s export ambitions, where it focused on the export of cigarettes and processed tobacco to various countries. This venture has generated over $157 million since then, bolstering the Pakistani economy.

Building on this success, the “Made in Pakistan 3.0” initiative aims to further enhance Pakistan’s economic standing.

British American Tobacco (BAT) Group’s Regional Director for Asia-Pacific, the Middle East and Africa Michael Dijanosic remarked, “It’s a proud moment as PTC prepares to export modern oral nicotine pouches to key markets like Japan. This achievement highlights our strong partnership and marks a major step forward for both BAT and Pakistan. Expanding into international markets creates new revenue streams and opportunities.”

Published in The Express Tribune, May 28^th, 2024.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.