Unilever has announced its plans to invest $120m in Pakistan to boost manufacturing operations.

A majority of the investment will be injected into the company’s four factories over the next two years.

This investment is a good sign for the country, which has seen low levels of foreign direct investment (FDI) in the last few years.

Unilever Pakistan makes around 30 brands in home care, personal care, foods, beverages and ice cream.

Unilever Pakistan chairperson and CEO Shazia Syed said: “We take pride in the fact that over 95% of our brands are produced locally, creating employment for thousands, contributing to the exchequer of the country and simultaneously creating a better future every day for the people of Pakistan.”

“Pakistan carries a huge potential to grow. The investment climate will be much better in the post-election period. FDI may total around $3bn this fiscal year.”

Unilever has been operating in Pakistan for around 70 years.

In 2013, Unilever Overseas Holding invested more than $530m in the country, which is considered to be single largest foreign direct investment in recent years. The company holds a majority stake in Unilever Pakistan.

In the financial year 2016-2017, the country received $2.73bn in FDI.

Overseas Investors Chamber of Commerce and Industry secretary general M Abdul Aleem was quoted by Tribune.com.pk as saying: “Pakistan carries a huge potential to grow. The investment climate will be much better in the post-election period. FDI may total around $3bn this fiscal year.”

According to the State Bank of Pakistan, the country’s FDI grew 15.6% to $1.94bn from July 2017 to February 2018, compared with $1.68bn in the same period of last year.