KARACHI: Engro Corporation, a Pakistani business conglomerate, has commenced operations of its fully owned subsidiary, Engro Eximp FZE, at Dubai's Jebel Ali Free Zone, the company announced on Monday.
Engro Eximp FZE (EEF) was incorporated in the Jebel Ali Free Zone in August 2011 as a wholly owned subsidiary of Engro Eximp Private Limited (EEPL).
Top company officials say EEF in Dubai will explore more opportunities to increase the much-needed exports from Pakistan.
“With a vision to expand the group’s footprint outside Pakistan, we have opened our trading company in Dubai,” Ghias Khan, president and chief executive officer of Engro Corporation, said.
“Through its trading activities, Engro Eximp FZE will aim to create more export engines for sustainable economic growth.”
EEF, the first overseas entity of Engro Corporation, has obtained a General Trading License issued by Jafza Jebel Ali Free Zone.
“Engro Eximp FZE will explore potential trading opportunities in the energy, fertilizers, petrochemicals and food and agriculture sectors,” Engro Corporation said in a statement.
Engro Corporation is a public listed company in Pakistan with market capitalization of Rs157 billion, according to the information available on the Pakistan Stock Exchange (PSX) website.
The principal job of the company is to manage investment in subsidiary companies, associated companies and joint ventures, engaged in fertilizers, Poly Vinyl Chloride (PVC) resin manufacturing and marketing, food, energy, development and operations of telecommunication infrastructure, Liquefied natural gas (LNG), chemical terminal and storage businesses.
The Engro Corporation chief hoped that the Dubai subsidiary would help leverage supply potential of Pakistan to meet the demand of the Gulf region.
“This business will help leverage the enormous supply potential of Pakistan to tap the rising GCC (Gulf Cooperation Council) demand,” Khan said. “The group’s strategic partnerships and global alliances provide Engro Eximp FZE the foundation to grow and establish its brand internationally.”
EEF is focusing on enhancing the share of Pakistan’s exports to the Gulf markets along with developing sustainable sources from the GCC to fulfill the South Asian country’s own demand.
“GCC markets offer a unique opportunity for Engro Eximp FZE given its close proximity for exports as well as procurement of critical raw materials,” the Engro Corporation statement read.
The Pakistani conglomerate has invested in a diverse portfolio of businesses across verticals of energy and related infrastructure, agricultural outputs, petrochemicals and telecommunication infrastructure in over 50 years.
