During the Expo 2020, the Government of Punjab, Pakistan held an International Business Conference, in which the honourable Mr. Mian Muhammad Aslam Iqbal (Minister of Industries and Skills Development – Punjab); Mr. Makhdoom Hashim Jawan Bakht (Finance Minister – Punjab) and Dr. Erfa Iqbal (CEO – Punjab Board of Investment and Trade)stir the signing of an important MoU between the Punjab Industrial Estate and Development Management Company (PIEDMC) and Global Packaging Films (Private) Limited (GPAK)and Petpak Films (Private) Limited, both of which are the subsidiaries of International Packaging Films Limited (“IPAK”).
The agreement was signed betweenthe Group CEO of IPAK Mr. Naveed Godil and Mr. Ali Muazzam Syed, CEO PIEDMCto set up a production facility for GPAKand PETPAK and promote rapid industrialization in the province along with sustainable GDP growth.
The IPAK group will be making a total expected investment of around 13.5 billion PKR to have both plants up and running by mid-2023.
In order to meet the future demand of films locally as well as in the international market, GPAK and PETPAK was formed as a major greenfield expansions by IPAK earlier this year. Where this investment in one of Punjab’s landmark Special Economic Zones will help IPAK to enhance its product range by introducing BOPET films to the market and also increase its BOPP films capacity by 60,000 tons per annumonce the project is live, it will also help boost Pakistan’s economy greatly by generating remarkable employment opportunities with around 600 direct and 1,000 indirect jobs.
Sharing his views, Mr. Naveed Godil, said, “IPAK’s vision, from the beginning, has been to lead Pakistan in the local and global packaging film industry with its top-of-the-line quality products and services through sustainable environmental measures. With both of these new production facilities at Quaid-e-Azam Business Park, our production is expected to grow to unmatched heights while also creating job opportunities for hundreds of people.”
Ali Muazzam Syed further added, “Pakistan’s emerging packaging industry has a promising role to play in the country’s envisioned developmentwhile Quaid-e-Azam Business Park is one of our model estates with an infrastructure that is comparable to any modern industrial estate globally. We believe this investment by IPAK group will prove to be a milestone in Pakistan’s industrial sector.”