European Multinational company to double investment in Pakistan in coming years
*ISLAMABAD - One of the world's leading suppliers of disposable personal hygiene products, Ontex is all geared up to double its investment in Pakistan in the coming years.*
The Belgian multinational that operates in more than 110 countries would invest €10 million or over USD11 million in Pakistan in the next two to three years.
“We have invested €10 million in Pakistan since we started operating back in 2011. In the coming few years, another investment of €10 million will be made in Pakistan. We will add new production lines, invest in warehouses, marketing and human capital," said Pavel Verblyudenko, Vice President of Ontex for Middle East, Asia and Africa (MEAA), quoted *Arab News*.
The company official informed that it is planning to make Pakistan its export hub for its market in South Asia and Middle East. “We will export from Pakistan. At the moment, we are trying to identify potential markets for our products. We are looking at Sri Lanka and Bangladesh, and we are very serious about making Pakistan our export hub in South Asia and the Middle East," Verblyudenko informed.
The Vice President added that the company wants to double its production capacity and enhance product range in the next few years.
With 18 manufacturing bases around the globe, Ontex employ more than 10 000 people and generated sales of €2.29bn in 2018.