KARACHI: PepsiCo will invest $1.0 billion in Pakistan with the aim of tapping the growing potential of beverages in the country.
Mike Spanos, PepsiCo CEO for Asia, Middle East and North Africa, pledged the investment at a meeting with PM Imran Khan, a statement said.
The investment will be made in five years, while a new snacks manufacturing unit will start in Multan next year.
Earlier, a delegation of Coca-Cola Company, Pakistan and bottling partners Coca-Cola Içecek Turkey, led by Orhun Kostem Regional Director, met Prime Minister Imran Khan at PM Office to discuss their short and long-term investment plans in Pakistan.
Coca-Cola shared that they have already invested over $500m in past 5 years and plan to invest another $200m in the coming years
It may be recalled that in January 2017,
Atilla Yerlikaya, General Manager, Group Director Public Affairs Coca Cola Beverages Pakistan Limited discussed the investment plan with the then Board of Investment (BOI) Chairman Dr Miftah Ismail.
They discussed different investment opportunities available in the country.
Coke and Pepsi’s battle in Pakistan shows how some foreign companies remain committed and are expanding here even as others head for the exits because of concerns over terrorism and the country’s struggling fiscal position.