PepsiCo to invest $1 billion in Pakistan | Eurasia Diary - ednews.net

11 December, Tuesday


PepsiCo to invest $1 billion in Pakistan

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PepsiCo plans to invest US$1 billion in Pakistan over the next five years, the PepsiCo Chief Executive Officer (CEO) for Asia, Middle East and North Africa (AMENA) Mike Spanos told Prime Minister Imran Khan in a meeting held in Islamabad on Wednesday.

In the meeting in which the Chief Financial Officer PepsiCo AMENA Aamer Sheikh and the Vice President & General Manager PepsiCo Pakistan Furqan Ahmed Syed were also present, Mike Spanos discussed the company’s support for key pillars of Prime Minister Imran Khan’s 100 Day Plan, noting the importance of sustainable development.

The prime minister welcomed PepsiCo’s continued investment in Pakistan.

The PepsiCo delegation noted the company’s appreciation for the government’s focused efforts towards providing a positive business climate for all companies operating in Pakistan.

Mike Spanos extended the company’s full support to the government on its socio-economic and reform agenda. He also extended an invitation to the prime minister to inaugurate PepsiCo’s new snacks manufacturing facility in Multan early next year.

The state-of-the-art facility represents an investment of US$66 million and is expected to create more than 1,500 direct and indirect employment opportunities for Pakistani citizens.

The prime minister and the delegation also discussed the upcoming launch of two new programs to be funded by a US$1 million grant from the PepsiCo Foundation – the philanthropic arm of PepsiCo globally.

Given Pakistan’s need for clean and safe water for its citizens, PepsiCo Foundation’s grant will make safe drinking water accessible to thousands of people through the rehabilitation and installation of reverse osmosis plants. This builds on the company’s strong record of water conservation in its locally-grown potato crops and in its snacks and beverage operations nationwide.

The PepsiCo Foundation and PepsiCo Pakistan also recognize the need to support Pakistan’s burgeoning young population.

Mike Spanos shared with the prime minister the company’s plan to launch a youth skills development and leadership program that will equip the next generation to be workforce-ready and to attain meaningful employment.

“Pakistan is an important market for PepsiCo AMENA. It is a Country with a young and growing population, and the people of Pakistan are its greatest asset. We are proud of our 50 years of history in the Country. We have grown by taking a long-term view, making investments that respond to changing societal needs. We strive to be a development partner with Pakistan. We thank Prime Minister Imran Khan for his leadership, and hope that our PepsiCo Foundation support can make a real difference in the lives of many citizens,” Mike Spanos said.

PepsiCo has been part of the business community in Pakistan for more than 50 years. The PepsiCo system (including company-owned snacks business and franchised bottling partners and distributors) brings more than 60,000 direct and indirect employment opportunities to the citizens of Pakistan.

Together, the system has invested more than US$800 million in the last five years. As one of the nation’s leading food and beverage companies, the company works with 160 Pakistani growers to purchase only locally-grown potatoes and corn for its products such as Lay’s and Kurkure.

This supports an estimated 4,000 jobs while providing critical support for rural economies and empowering farmers with critical training on sustainable farming practices.

DND

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