International beverages giant PepsiCo is set to invest $1 billion in Pakistan over the next five years, a statement from Prime Minister Imran Khan’s office said today.
The landmark decision was taken when a Pepsi delegation – led by the company’s chief executive for Asia, Middle East and North Africa, Mike Spanos – met Khan on Wednesday.
The Prime Minister welcomed PepsiCo’s continued investment and ensured support to the delegation from the government.
Mr Spanos extended the company’s full support to the government on its socio-economic and reform agenda.
CEO Pepsi also extended an invitation to PM Khan to inaugurate PepsiCo’s new snacks manufacturing facility in Multan early next year.
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The facility is pouring in an investment of US$66 million in the country and is expected to create more than 1,500 direct and indirect employment opportunities for local citizens, he informed PM Imran.
The Pepsi delegation also proposed a 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.
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“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 Khan for his leadership, and hope that our PepsiCo Foundation support can make a real difference in the lives of many citizens,” said Mr Spanos.
Earlier on Tuesday, Pepsi’s rival brand, Coca-Cola also pledged a planned $200m investment in the coming two to three years, state TV announced on Tuesday.
