Nestlé to invest additional $60m in Pakistan at Davos roundtable

Nestlé has announced an additional $60 million investment in Pakistan in a move that signals renewed confidence in the country’s economic reform agenda, the finance ministry said on Thursday.

The finance ministry said in a post on X that the development came during a high-level business roundtable, held on the sidelines of the World Economic Forum annual meeting in Davos, that was chaired by Finance Minister Muhammad Aurangzeb and brought together chief executives and senior leaders of major multinational companies to discuss Pakistan’s investment climate, reform trajectory and long-term growth prospects.

It said a “major highlight” of the discussion was the announcement by Nestlé Executive Vice President and Chief Executive Officer for Asia, Oceania and Africa Remy Ejel of “an additional investment of $60 million in Pakistan”.

It added that he said Nestlé would undertake a “robust expansion” of its operations in the country in a reaffirmation of its “long-term commitment to Pakistan”.

He further announced that Nestlé intended to use Pakistan as a regional manufacturing and export hub, exporting products to 26 countries.

“Expressing strong confidence in Pakistan’s economic outlook, Ejel foresaw robust growth in Nestlé’s business in Pakistan in the coming years,” the press release added.

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Welcoming the announcement, Aurangzeb described it as “a strong vote of confidence in Pakistan’s economic reforms and formalisation drive”. He said the government was committed to policy consistency, strengthening the tax ecosystem and facilitating long-term investment through continued engagement with the private sector.

“Pakistan offers compelling opportunities in affordable nutrition, climate-resilient dairy, local sourcing and export-oriented manufacturing,” he said, reiterating the government’s resolve to position the country as a competitive base for regional production and global value chains.

Ejel said Nestlé’s strategy in Pakistan was centred on localisation, advanced manufacturing, sustainability and agricultural transformation. He pointed to progress in automation, renewable energy use, improved packaging and digitalised supply chains, saying these steps had strengthened efficiency while reducing environmental impact.

Referring to Pakistan’s market potential, he said the country’s demographics and nutrition needed mirrored growth patterns seen in parts of Southeast Asia.

Highlighting the company’s global scale, he further said that Pakistan’s demographic profile, growing nutrition needs, and underpenetrated value-added food segments closely mirrored successful growth trajectories seen in Southeast Asia.

The finance minister later met Microsoft co-founder and billionaire philanthropist Bill Gates as well. The two focused on Pakistan’s reform agenda, public health priorities, and strengthening cooperation with the Gates Foundation in support of sustainable development.

He appreciated the Gates Foundation’s long-standing support to Pakistan, particularly its critical role in polio eradication and strengthening health service delivery.

Meanwhile, the Microsoft co-founder shared an update on his foundation’s ongoing and future engagement in Pakistan, reaffirming the shared commitment to achieving polio eradication through close coordination with relevant stakeholders and provincial authorities.

“Discussions also covered cooperation on the digitization of Pakistan’s taxation system, a key reform priority aimed at improving transparency and strengthening domestic resource mobilisation. Both sides emphasised the importance of efficient tax systems and digital solutions in building long-term economic resilience. The meeting further explored opportunities to expand collaboration in the health sector, including local vaccine production and stronger supply chains. Both sides reaffirmed their commitment to continued engagement and partnership to support Pakistan’s reform efforts and long-term socioeconomic progress,” the ministry said.

Prime Minister Shehbaz Sharif arrived in Switzerland on Tuesday to attend the WEF’s 56th Annual Meeting. The annual conference, held in Davos, serves as a platform for world leaders and executives to address economic challenges, global policies, and innovative solutions. The event is taking place from Monday to Friday.

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Dar’s meetings in Davos

Meanwhile, Deputy Prime Minister and Foreign Minister Senator Muhammad Ishaq Dar held a sideline meeting with Thai Foreign Minister Sihasak Phuangketkeow.

The two leaders reviewed bilateral relations and reaffirmed their commitment to expand cooperation in economic, trade, investment and agriculture sectors. They also exchanged views on regional and international developments and congratulated each other on 75 years of diplomatic relations.

He also met International Committee of the Red Cross President Mirjana Spoljaric Egger. The two discussed cooperation across various areas and exchanged views on further strengthening collaboration on matters of mutual interest.

He and Chief of Defence Forces and Chief of Army Staff Field Marshal Asim Munir also met Turkish FM Hakan Fidan just before the signing of the charter for US President Donald Trump’s Board of Peace.

“Pakistani and Turkish nations share a strong bond which has stood the test of time and is cherished deeply by both nations,” he said.