China’s EV giant eyes investment opportunities in Pakistan

BEIJING: BYD, China’s auto company and the world’s largest electric vehicles (EVs) manufacturer, is considering investment opportunities in Pakistan, Caretaker Commerce Minister Dr Gohar Ejaz said.

Taking to X (formerly Twitter), Dr Gohar Ejaz stated: “Had a productive meeting with BYD, the global leader in EVs. They’re considering investment opportunities in Pakistan.”

Had a productive meeting with BYD, the global leader in EVs. They’re considering investment opportunities in Pakistan 🇵🇰. Informed them about our gov’s policy & #SIFC. Promised full backing for their new ventures. #InvestInPakistan #EVFuture pic.twitter.com/8JghoN1Kr5

— Dr Gohar Ejaz (@Gohar_Ejaz1) October 19, 2023

The commerce minister informed the BYD delegation about the government policy and Special Investment Facilitation Council (SIFC). “Promised full backing for their new ventures,” said the minister.

BYD Company Limited is a publicly listed Chinese conglomerate manufacturing company headquartered in Shenzhen, Guangdong, China. The company has two major subsidiaries, BYD Auto and BYD Electronic.

BYD duels with Elon Musk’s Tesla for the No. 1 rank in worldwide production of electric vehicles.

Earlier, Pakistan and China signed a Memorandum of Understanding (MoU) for investment worth $1.5 billion in the petroleum sector.

The MoU will help increase the petrol production capacity of the refinery from 250,000 metric tons to 1.6 million metric tons and high-speed diesel from 0.6 million metric tons to 2 million metric tons.

Meanwhile, PM Anwaarul Haq Kakar – who is on visit to China – invited Chinese companies to invest in solar parks in Pakistan to help the country reduce energy import bill.

As part of green technology, PM Kakar invited the Chinese companies to invest in Pakistan’s solar parks and called for strengthening energy linkages between Gilgit and Xingiang region.

The interim premier said investments in solar parks would benefit two-fold, explaining that “on one hand they will support Pakistan’s endeavours to climate action and also help reduce energy import bill”.