January 25 Dr. Miftah Ismail, MOS/Chairman, Board of Investment in a meeting with Atilla Yerlikaya, GM Group Director Public Affairs and Chairman of Pakistan Turkey Business Council, CoCa Beverages Pakistan Limited. APP photo by Irshad Sheikh
ISLAMABAD, Jan 25 (APP):Chairman Board of Investment (BOI) Dr. Miftah Ismail on Wednesday hailed US$ 200 million investment by COCA COLA for establishing new beverage plants in Faisalabad and Islamabad region.
GM, Coca-Cola Company, Chairman of Pakistan-Turkey Business Council and Coca Cola Beverages Pakistan Limited, Atilla Yerlikaya along with 3-member delegation visited Board of Investment and met with Chairman, Board of Investment Dr. Miftah Ismail and discussed different investment opportunities available in Pakistan.
Chairman BOI welcomed the Coca-Cola delegation and informed them that Pakistan has one of the most liberal foreign investment regimes in South Asia,said in statement issued by BOI here.
He said 100% foreign equity is permitted in the manufacturing and infrastructure sectors of the economy as the country has a more market-oriented economy, with rapidly growing private sector in Pakistan.
GM, Coca-Cola Company thanked BOI for cooperation and facilitation and informed about the company’s future investment plans for establishing of two new plants at Faisalabad and Islamabad.
He said the company has already invested US$ 500 million during this year on the up-gradation of the existing plants in the country.
He added that Coca-Cola is a leading US investor in Pakistan.
M/s. Coca-Cola is presently contemplating a further US$ 200 million of green field investment, and expand Coca-Cola’s production and distribution capacity in Pakistan.
He further informed that Coca-Cola intends preferably to establish their units at Special Economic Zones (SEZ) in Pakistan.
Atilla Yerlikaya, has also requested BOI for support on rationalization of tax regime in Pakistan and to curb the infringement, as some groups are violating industrial property rights and this practice is not only defaming original brands and reducing the revenue of Pakistan.
The Government may ensure operation of legitimate companies and take steps to provide level playing field to genuine investors Chairman,BOI Dr.Miftah Ismail said that BOI will extend full support to M/s. Coca Cola and advised them to establish their one unit at Faisalabad in SEZ, M.III, which were agreed by M/s. Coca Cola.
The Chairman, BOI also assured them to assist for their second unit at SEZ, Islamabad as and when finalized.
At the end Dr. Miftah Ismail thanked Atilla Yerlikaya and his delegation and appreciated their efforts and intention with regard to boost new investment and economic relations between the two friendly countries.