Advisor to PM on Commerce Abdul Razak Dawood Monday launched Pakistan Tobacco Company Limited, a subsidiary of a British American Group (BAT), new exports initiative “Made in Pakistan-2" for future manufacturing investments to enhance exports.

In this regard, a launch event was held here on Monday, which was graced by various dignitaries including economists, business maestros and important dignitaries from the government's economic, investment and commerce teams.

Regional management of the British American Tobacco was in attendance too.

The PTC has contributed over Rs400 billion in the national exchequer in the form of excise and sales tax during the last five years.

The notable CSR initiatives include Mobile Doctor Units (treating an average of 70,000 patients yearly free of cost), solar energy provision in rural areas, and water filtration plants.

Talking to reporters on the conclusion of the ceremony, Abdul Razak Dawood said that there was a need to evaluate turbulent world economy with caution.

Responding to a query on hedging of the POL prices in the wake of massive reduction in the POL prices in the international market, Abdul Razak Dawood responded that the POL prices witnessed a sharp decline from $50 per barrel to $31 per barrel, and hedging was one of the options in front of the government.

He said that the hedging became problematic, if the oil prices further reduced from $31 to $25 per barrel in the international market.

When asked about reasons for resignation of outgoing Board of Investment (BoI) Chairman Zubair Gilani, the Advisor to PM on Commerce said that he resigned because of his personal reasons.

To a query, he said he had no differences with anyone including Zubair Gilani.

Guest of Honor Syed Zulifkar Abbas Bukhari, the Special Assistant to the Prime Minister on Overseas Pakistanis and Human Resource Development, stated that the PTC was a testament to a true foreign investment and an international company in Pakistan.

He highly appreciated that in addition to the $30 million achieved by the PTC, the government sees a large commitment of 50 million dollars through foreign direct investment (FDI) and foreign exchange earnings.

Syed Zulfikar Bukhari stated that the figures speak for itself that the company wanted to play a role in growing the exports of Pakistan exponentially.

Being the first multinational of the country and part of a very few companies who are making such commitments, to revive the economic conditions of the country.

Copyright Business Recorder, 2020