ISLAMABAD, Sep 19 (APP):President Dr Arif Alvi on Thursday said the country’s investment policy had been designed to provide a comprehensive framework for creating conducive business environment to attract Foreign Direct Investment.
Talking to President of Japan’s renowned Morinaga Milk Industry Michio Miyahara here at the Aiwan-e-Sadr, the President said Pakistan had adopted a very liberal and investment-friendly policy, which was free from restrictions on remitting capital, profits and dividends.
The President said to ensure favorable business climate for investors, the Ease of Doing Business Reforms were also underway.
He lauded Morinaga Japan for its investment of Rs 5.1 billion by setting up a manufacturing facility in collaboration ICI Pakistan to meet the nutritional needs of local as well as regional markets.
The President said the investment would help diversification of Japanese investment and would encourage other Japanese companies to invest in Pakistan.
Morinaga Milk Industry Co. Ltd. was founded in 1917 as Nippon Rennyu Co., Ltd which was re-organized as Morinaga Milk Industry Co., Ltd in 1949 and has its head office in Tokyo, Japan.
The company employs over 3,000 people and has a capital of 21,704 million yen (190 million US Dollar). The major business includes production and sale of milk, dairy-based beverages, yogurt, desserts, condensed milk, powdered milk, butter, cheese, ice cream and non-dairy beverages (juice, tea, coffee).
At present, Morinaga has joint ventures and subsidiaries in China, Germany, Holland, Indonesia, Singapore and USA.