Shell and Unilever have announced to invest £100 million in Pakistan by 2020. The announcement was made during the Commonwealth Heads of Government Meeting (CHOGM) which was attended by 53 nations including Pakistan.
The investment is expected to create more jobs in Pakistan and help recover its depleting foreign reserves and economy.
Out of the 100 million pounds investment, Unilever will contribute £86 million of it. The rest will be invested by the Anglo-Dutch petrol company Shell.
With the £86 million, Unilever will increase the production capacity of its four factories that are already established in Pakistan. Shell will add 100 new petrol pump stations along the China Pakistan Economic Corridor (CPEC) with its £14 million investment.
Pak-Kuwait Investments Assistant Vice President Adnan Sheikh appreciated Pakistan’s growing economy and CPEC as well. He added;
Pakistan’s consumer sector is growing at around 15 percent annually, much higher than other developing countries in the region. With cuts in salary tax in the upcoming budget, consumers would have more purchasing power translating into more consumption of petrol and consumer goods etc.
UK Trade Minister Greg Hands also made a statement regarding his country’s efforts to increase trade among Commonwealth countries, saying;
As the British Prime Minister has made clear, the Commonwealth has a unique opportunity to boost its trade links and drive prosperity and growth among its members.
Currently, out of all European Union countries, the UK is Pakistan’s biggest trade partner, accounting for 13% of total exports by the Kingdom. The minister added that this bilateral trade relationship with Pakistan will continue as it is, even after UK’s departure from EU.
Pakistan Member Parliament Rehman Chishti and Minister for Commerce Pervaiz Malik met with British trade envoy as well and appreciated the investment by Unilever and Shell.