China's EV giant expresses interest to invest in Pakistan
- By Web Desk -
- Apr 05, 2024
China’s largest electric vehicle company BYD along with its local partner Mega Conglomerate Private Limited has expressed interest in investing in Pakistan to manufacture advanced electric vehicles.
This comes at a time when Pakistan is taking steps to reduce its carbon footprint and adopt more energy-efficient means of transportation for cleaner air.
This initiative will make green products more accessible to Pakistani consumers as well as take Pakistan’s auto industry on the path of growth.
BYD will manufacture electric vehicles locally in Pakistan, which will enable Pakistan to export Right Hand Drive (RHD) vehicles.
BYD’s investment is a major testament to the Special Investment Facilitation Council’s drive to attract foreign investment.
Earlier, Pakistan and China agreed to establish a Working Group (WG) on five new economic corridors under the second phase of CPEC, aligning with the 5Es framework already prepared by the Planning Ministry.
The agreement was reached during a meeting between Federal Minister of Planning, Development and Special Initiatives Professor Ahsan Iqbal, and Chinese Ambassador to Pakistan Jiang Zaidong, which lasted for more than an hour here at the Planning Ministry, a news release said.
During the meeting, both sides “agreed to expedite phase 2 of the CPEC, while deciding to establish a working group on five new economic corridors, including the Corridor of Job Creation, Corridor of Innovation, Corridor of Green Energy, and Inclusive Regional Development.”