LAHORE, PAKISTAN — PepsiCo, Inc. will invest $1 billion into the Pakistani food and beverage market over the next five years. In a meeting with Pakistan’s prime minister Imran Khan, Mike Spanos, chief executive officer for Asia, Middle East and North Africa (AMENA), PepsiCo, discussed the company’s ongoing commitment to the country and its sustainable development.
The global snack and beverage company is currently set to open a $66 million snack manufacturing facility early next year in Multan, Pakistan, that will provide more than 1,500 direct and indirect job opportunities for citizens.
“Pakistan is an important market for PepsiCo AMENA,” Mr. Spanos said. “It is a country with a young and growing population, and the people of Pakistan are its greatest asset.”
During his visit, Mr. Spanos discussed the upcoming launch of two programs that will be funded by a $1 million grant from the PepsiCo Foundation. The organization will use funds to rehabilitate and install reverse osmosis plants that can provide clean drinking water to citizens and creates a skills development and leadership program for Pakistani youth.
“We have grown by taking a long-term view, making investments that respond to changing societal needs,” Mr. Spanos said. “We strive to be a development partner with Pakistan. We thank Prime Minister Khan for his leadership and hope that our PepsiCo Foundation support can make a real difference in the lives of many citizens.”
For more than 50 years, PepsiCo has operated in the region. In the past five years, it has invested $800 million into its operations there that produce snacks under brands such as Lay’s, Kurkure, Cheetos and Quaker.