PTC to Launch BAT Velo in Japan, to Bring in $100 Million Annual Foreign Exchange Earnings

Business by 2FIRSTS.ai

May.28.2024

PTC to Launch BAT Velo in Japan, to Bring in $100 Million Annual Foreign Exchange Earnings

Pakistan Tobacco Company Limited (PTC) announced the launch of "Pakistan Manufacture 3.0" plan, aiming to boost global market influence.

According to a report from Business Record in 2024, Pakistan Tobacco Company Limited (PTC) announced on May 27 the launch of its "Pakistan Manufacturing 3.0" plan. It is reported that Pakistan Tobacco Company Limited is a subsidiary of British American Tobacco (BAT) and the first multinational company in Pakistan. Over the past five years, PTC has contributed over 680 billion Pakistani Rupees (approximately $8.1 billion) to the national treasury.

This project will see PTC's modern smokeless nicotine pouch (Velo) products exported to Japan, expanding Pakistan's influence in the global market and expected to bring in annual foreign exchange earnings of up to $100 million. Jam Kamal Khan, the Federal Minister of Commerce, attended the press conference, with invited guests from both public and private sectors.

In April 2019, PTC launched its "Made in Pakistan" initiative, with a focus on exporting cigarettes and tobacco to various countries. Currently, this initiative has generated over $157 million in revenue for the Pakistani economy.

Building on this successful foundation, the "Pakistan Made 3.0 Plan" aims to further enhance Pakistan's economic status. The introduction of nicotine pouches to the Japanese market is expected to generate an additional $50 million in revenue annually by increasing foreign exchange earnings.

Michael Dijanosic, the Asia Pacific, Middle East, and Africa Director for BAT Group, stated, "We are proud that PTC can export modern oral nicotine pouches to important markets such as Japan. This achievement highlights our strong partnership and marks a significant step forward for both BAT and Pakistan.

The CEO and General Manager of PTC, Ali Akbar, stated, "We are pleased to expand the impact of Velo and further drive economic development in Pakistan.

References:

[1] PTC launches 'Made in Pakistan 3.0' initiative

Also Read:

[1] BAT's 2023 Financial Report: New Categories Drive Revenue Growth

[2] BAT Kenya Promotes Nicotine Pouch Velo Amid Regulatory Challenges

[3] India's Telangana Government Imposes Ban on Tobacco and Nicotine

[4] Pakistan Federal Government Accused of Violating Tobacco Law by Farmers

[5] BAT's Pressure Weakens Health Warnings on Velo Nicotine Pouches

#Asia #Market #Pakistan #Heated tobacco products #Major companies

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