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Unilever announces fresh Rs11 billion investment in Pakistan

07:16 PM | 20 Mar, 2018
Unilever announces fresh Rs11 billion investment in Pakistan
KARACHI - Unilever is investing US$120 million (Rs11 billion) for expansion of its manufacturing operations in Pakistan over the next two years.

The Anglo-Dutch consumer goods giant is building on its EUR400m (US$491.5m) investment made in 2013, which was considered to be the largest foreign direct investment (FDI) in Pakistan's "recent history", according to a statement from Unilever. The latest cash injection acknowledges the "country's high potential for long-term growth".

Unilever has more than 30 brands on sale in Pakistan, spread across food, ice cream, beverages, home care and personal care, with 95% of the products made locally.

Shazia Syed, chief executive of Unilever's Pakistan unit, which has four manufacturing plants across the country, said: “We have been part of Pakistan’s growth for nearly 70 years, during which time we have seen our business grow to over 30 brands…we take pride that over 95% of our brands are produced locally, creating employment for thousands, contributing to the exchequer and simultaneously creating a better future every day for the people of Pakistan.”

The announcement about the investment was made by a delegation of Unilever Pakistan in a meeting with Adviser to the Prime Minister on Finance Miftah Ismail.

https://en.dailypakistan.com.pk/business/pakistan-joins-trillion-dollar-markets-club-after-economic-boom-in-2017/

The planned investment supports Pakistan’s narration of being a growing economy with over 70 million middle-class population out of a total of over 200 million.

In the previous fiscal year 2016-17, the country had received $2.73 billion in FDI.

Last week, Unilever said it was restructuring its global operations from a dual-structured company to a single legal entity incorporated in the Netherlands. Its two divisions of beauty and personal care, and home care will remain in London, while a new food and refreshments unit will be located in the Netherlands.

The writer is a member of the staff.

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US Dollar, Euro, Dirham, Pound, Riyal Rate in Pakistan Today - Currency Rates 20 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 20, 2024 (Saturday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.15 for buying and 280.85 for selling. Euro's buying rate remains stable at 301.35 and selling rate is 303.25.

British Pound rate is 354.85 for buying, and 358.35 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal lowered to 73.70.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.15 280.85
Euro EUR 301.35 303.25
UK Pound Sterling GBP 354.85 358.35
U.A.E Dirham AED 76.5 77.25
Saudi Riyal SAR 73.7 74.42
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.5 205.5
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 36.05 36.05
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.4 26.7
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.5 7.65

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