Pakistan Tobacco unveils 'Made in Pakistan 3.0' initiative, targets $100m annual exports

By MG News | Category Economy | May 29, 2024 at 11:36 AM GMT+05:00

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May 29, 2024 (MLN): In a significant milestone in the company's journey of innovation and economic contribution, Pakistan Tobacco Company Limited (PSX: PAKT) announced the launch of its 'Made in Pakistan 3.0' initiative on Monday.

The initiative would result in the export of PAKT's modern oral tobacco-free nicotine pouches, Velo, to Japan, expanding Pakistan's footprint in the global market and bringing in potential foreign exchange earnings worth $100 Million annually through all its exports.

The launch event was graced by Jam Kamal Khan, Federal Minister for Commerce, alongside distinguished guests from the public and private sectors, as well as members of the media.

PAKT is a public limited company incorporated in Pakistan on November 18, 1947, under the Companies Act, 1913 (now the Companies Act, 2017).

The company is known as a subsidiary of British American Tobacco (Investments) Limited, United Kingdom, whereas its ultimate parent company is British American Tobacco p.l.c, United Kingdom.

Moreover, its core business activities include the manufacture and sale of cigarettes/ tobacco.

At the time of writing, PAKT's share price is on the rise, gaining 0.23% or 2.19 rupees compared to the last close, in light of this development.

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