KARACHI: A multinational company has unveiled its vision for packaged food exports for the next five years, saying that it plans to earn $50 million in foreign exchan­ge for Pakistan till 2030.

Nestle Pakistan made this announcement at a ceremony, “Limitless Possibilities”, which showcased the company’s export journey over the last few years, expanding to 26 countries and generating $23m in 2024.

Speaking on the occasion, Federal Minister for Industries and Production Rana Tanveer Hussain said: “As Pakistan’s economy makes a steady recovery and prepares for rapid growth, the importance of exports cannot be overstated. Given the scale of Nestle’s global operations, we anticipate that exports from Pakistan will rise further over the next two years.

“Nestlé’s vision for export growth directly contributes to the government’s efforts to shore up foreign exchange reserves and their success is a testament to the resilience of private sector which is integral to the country’s economic prosperity.”

Having completed 35 years of operations in the country, Nestlé committed an investment of Rs 2 billion in renewable energy last year, launching multiple solar power plants and biomass boilers at its manufacturing sites.

The company meets over 90 per cent of its raw and packaging requirements locally by sourcing 420 million litres of milk, 7,500 tonnes of wheat and rice and 50,000 tonnes of fruits, enhancing local farmers’ livelihoods.

Addressing the gathering, Jason Avanceña, the company’s CEO, said: “We are determined to be a force for good throughout our value chain for the future of this country by boosting exports and earning foreign exchange for Pakistan.”

Nestle, he added, had made significant strides in expanding beyond ethnic channels to mainstream channels, securing partnerships with mega-chains such as Costco in the US, Sobeys in Canada and Sainsbury’s in the UK.

Published in Dawn, November 10th, 2024