September 24, 2020 (MLN): Chairman Board of Investment, Mr. Atif Bokhari recently held a virtual meeting with Mr. Sohail Tabba, Chairman of Board of Directors ICI Limited, and Mr. Ko Shiino, General Manager Sales of Morinaga Milk Industry Japan to address queries regarding late payment of royalty and technical fees.
During the meeting, they also discussed the possibility of Morinaga’s localization of raw material and shifting focus on exporting products from Pakistan to other countries.
‘Pakistan is the second-largest overseas market for Japan which proves the enormous potential our market offers to foreign investors. The Board of Investment is striving to maximize this offering by continuously improving the business environment’ Atif Bokhari said while taking to his social media handle.
Morinaga Milk’s manufacturing facility is the first asset investment by a global Japanese Dairy and Food Company in Pakistan. A joint venture between ICI Pakistan Limited, Unibrands (Private) Limited, and Morinaga Milk Industry Co, Limited, the plant was constructed at cost of Rs. 5.1 billion, with a production capacity of 12,000 tons per annum.
