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March 11, 2020

Tumbling oil prices, stock markets

Peshawar

March 11, 2020

ISLAMABAD: Adviser to PM on Commerce Abdul Razak Dawood Monday launched Pakistan Tobacco Company's 'Made in Pakistan' export initiative for future manufacturing investments to enhance exports While inaugurating the new initiative at Jhelum with investment of $20 million and increasing exports to $50 million on per annum basis the PTC, Adviser to PM on Commerce Abdul Razak Dawood said that there was a need to evaluate the turbulent world economy with caution. He said that the stock market at international level went down and POL prices in international market tumbled to $31 per barrel and at this stage, there was a need to analyze the situation in a cautious manner. Later, while talking to reporters, when asked him about hedging of POL prices in the wake of massive reduction in POL prices in international market, Abdul Razak Dawood replied that the POL prices tumbled from $50 per barrel to $31 per barrel and hedging was one of the options in front of the government. He said that hedging became problematic if the oil prices further reduced from $31 to $25 per barrel in the international market. To another query on the reasons of resignation of outgoing Chairman Board of Investment (BoI) Zubair Gilani, the adviser said that he resigned because of his personal reasons. When

informed that the outgoing BoI chairman preferred to resign because of his alleged differences with him, the adviser replied that he had no differences with anyone.

Earlier, the Pakistan Tobacco Company Limited, a subsidiary of a British American Group (BAT), on Monday launched its second chapter of the exports initiative “Made in Pakistan-2” and roadmap for future manufacturing investments to enhance exports.

The event was graced by various dignitaries including economists, business maestros and important dignitaries from the government’s economic, investment and commerce teams. Regional management of British American Tobacco was in attendance too.

The PTC has contributed over Rs400 billion in the national exchequer in the form of excise and sales tax during the last five years. The notable CSR initiatives include Mobile Doctor Units (treating average of 70,000 patients yearly free of cost), solar energy provision in rural areas and water filtration plants.

Guest of Honor Syed Zulifqar Abbas Bukhari, Special Assistant to the Prime Minister on Overseas Pakistanis & Human Resource Development, stated that PTC is testament to true foreign investment and an international company in Pakistan. He highly appreciated that in addition to the $30 million achieved by PTC, the government sees a large commitment of 50 million dollars through foreign direct investment (FDI) and foreign exchange earnings.

Syed Zulifqar Bukhari stated that the figures speak about the role the company wants to play in growing the exports of Pakistan exponentially. It is the first multinational of the country and part of very few companies that are making such commitments, to revive the economic conditions of the country.

While addressing the audience, Usman Zahur, MD of PTC, said: “Pakistan Tobacco Company has always joined hands with the Government of Pakistan for making the country economically progressive and business friendly.” He shared that 30 million US dollars have already been achieved in foreign exchange earnings through exports of tobacco products. Moreover, 20 million dollars will come through exports of tobacco products and 20 million dollars through the FDI for velo factory – the first factory in whole of Asia Pacific and Middle East being set up by PTC and will export from Pakistan to other countries. There is an exponential growth in exports of velo and tobacco products.

“Today also marks a special chapter in the history of Pakistan Tobacco Company as we embark on the second chapter of Made in Pakistan. PTC will be entering into the manufacture and eventual export for BAT’s modern oral nicotine products, VELO,” he stated. He said that the British American Tobacco is committed to creating a better tomorrow for its consumers, investors, shareholders and employees by driving a steep change in the growth our New Category business. We are doing this by providing a range of potentially reduced risk alternatives such as vaping products, tobacco heating products and modern oral products.

With this modern oral nicotine plant, VELO Pakistan will become the base for manufacturing for Asia Pacific and Middle East for BAT and a hub for growing exports of value-added goods from Pakistan to various countries.