ISLAMABAD: Pakistan Tobacco Company Limited (PTC) Monday announced the launch of its 'Made in Pakistan 3.0' initiative, marking a significant milestone in the company's journey of innovation and economic contribution.
The initiative will see the export of PTC's modern oral tobacco-free nicotine pouches, Velo, to Japan, expanding Pakistan's footprint in the global market and bringing in potential foreign exchange earnings to the tune of USD 100 Million annually through all its exports.
The launch event was graced by Jam Kamal Khan, Federal Minister for Commerce, alongside distinguished guests from the public and private sectors.
PTC, recognized as Pakistan’s first multinational company, has been a cornerstone of the nation's economy. Over the past five years, PTC has contributed over Rs 680 billion to the exchequer, earning the prestigious ‘Highest Taxpayers Award’ in 2024 in recognition of its substantial fiscal contributions.
In April 2019, PTC embarked on its 'Made in Pakistan' initiative, in line with Government of Pakistan’s export’s ambitions, focusing on the export of cigarettes and processed tobacco to various countries. This venture has generated over US$157 million since then, significantly bolstering the Pakistani economy.
Building on this success, the 'Made in Pakistan 3.0' initiative aims to further enhance Pakistan’s economic standing. The introduction of nicotine pouches to the Japanese market represents a pivotal step in PTC's commitment to innovation and growth and on its journey of creating A Better Tomorrow™?. This unlocks the potential to add additional US$50 million annually through foreign exchange earnings.
Federal Minister Jam Kamal said, "Today marks a new chapter in PTC’s history. The 'Made in Pakistan 3.0' initiative not only exemplifies PTC's dedication to economic progress but also showcases Pakistan's capability to produce high-quality, innovative products for the global market."
Kamal, said, “Pakistan has always been an ideal destination for foreign investors. The government is doing its best to facilitate such large-scale investors at all levels. Today’s event is a testimony of the government’s extended support under the premiership of the PM Mian Muhammad Shahbaz Sharif, to such entities.”
BAT Group’s Regional Director for Asia Pacific, Middle East and Africa, Michael Dijanosic said, “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, reinforcing our position as global leaders.”
PTC’s Managing Director and CEO, Ali Akbar added, "We are thrilled to expand our reach with Velo and contribute further to the economic development of Pakistan. Our commitment to excellence and innovation drives us to continuously seek new opportunities and markets. I would like to further request the Government of Pakistan to continue extending their valuable support by framing the right regulatory and fiscal regime for this segment, enabling it to flourish. Sensible regulations will certainly determine the long-term success and sustainability of this business."
As PTC continues to pioneer new frontiers, the 'Made in Pakistan 3.0' initiative stands as a testament to the company's unwavering dedication to progress and excellence.
Copyright Business Recorder, 2024
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