KARACHI: Punjab Industrial Estate and Development Manage-ment Company (PIEDMC) has signed MoU Global Packaging Films (Private) Limited (GPAK) and Petpak Films (Private) Limited to promote economic development.

During the Expo 2020, the Government of Punjab held an International Business Conference, in which Mian Muhammad Aslam Iqbal Minister of Industries and Skills Development - Punjab; Makhdoom Hashim Jawan Bakht Finance Minister Punjab and Dr Erfa Iqbal CEO-Punjab Board of Investment and Trade stir the signing of an important MoU between the Punjab Industrial Estate and Development Management Company (PIEDMC) and Global Packaging Films (Private) Limited (GPAK) and Petpak Films (Private) Limited, both of which are the subsidiaries of International Packaging Films Limited (IPAK).

The agreement was signed between the Group CEO of IPAK Naveed Godil and Ali Muazzam Syed, CEO PIEDMC to set up a production facility for GPAK and PETPAK and promote rapid industrialization in the province along with sustainable GDP growth. The IPAK group will be making a total expected investment of around Rs13.5 billion to have both plants up and running by mid-2023.

In order to meet the future demand of films locally as well as in the international market, GPAK and PETPAK was formed as major green field expansions by IPAK earlier this year. Where this investment in one of Punjab’s landmark Special Economic Zones will help IPAK to enhance its product range by introducing BOPET films to the market and also increase its BOPP films capacity by 60,000 tons per annum once the project is live, it will also help boost Pakistan’s economy greatly by generating remarkable employment opportunities with around 600 direct and 1,000 indirect jobs.

Copyright Business Recorder, 2021