Finance Minister Muhammad Aurangzeb on Monday described Pakistan-UAE relations as longstanding and strategic as International Foodstuffs Company (IFFCO) expressed interest in expanding its investment in Pakistan.
Aurangzeb made the remarks during a meeting with an IFFCO delegation led by Global Group Director Abdelghani Abdullah and IFFCO Pakistan CEO Arshaduddin Ahmed at the Finance Division on Monday.
The Finance Minister appreciated IFFCO’s longstanding investment in Pakistan and its contribution to the food and manufacturing sectors, including employment, local production and allied industries.
The IFFCO delegation briefed the minister on the group’s global operations and its presence in around 50 countries. The UAE-headquartered company operates across food manufacturing, edible oils and fats, confectionery, dairy, agriculture, poultry and animal nutrition.
IFFCO said Pakistan remains an important market and reaffirmed its plans to expand its business and investment in the country.
The delegation also shared details of IFFCO Pakistan’s operations. The company has been operating in Pakistan since 2006 and has invested around $100 million, expanding from one oil and fats refinery to two refineries and five manufacturing sites.
Its operations have also expanded into seed crushing, animal nutrition and feed mills, supporting local employment and value addition.
IFFCO said it sees further opportunities in Pakistan’s food and industrial sectors and wants to grow alongside major companies in the local market.
Aurangzeb welcomed the planned expansion and said the government would continue supporting existing investors and efforts to promote new investment, industrial growth, employment and local value addition.
The Finance Minister also appreciated the UAE Embassy’s support in strengthening economic and commercial ties between the two countries and expressed confidence that bilateral investment and trade cooperation would continue to grow.
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