Chinese Companies to Establish Electric Car Factories in Pakistan, Announces Zubair Tufail
Karachi, Two Chinese companies are set to establish factories for producing electric cars in Pakistan, as announced by Zubair Tufail, former president of the Federation Chamber of Commerce and Industry (FPCCI) and a member of the Advisory Council. This development followed a successful visit to China by a 20-member Pakistani delegation, led by Caretaker Minister of Commerce Gohar Ijaz.
According to United Business Group, the delegation’s visit focused on enhancing trade relations between Pakistan and China, with a particular emphasis on investments in various sectors, including auto, mineral, and agriculture. The visit also included discussions on joint ventures in textiles and other sectors, along with the transfer of Chinese technology to special economic zones in Pakistan.
Tufail emphasized the significance of the visit, noting that it would speed up trade relations and attract Chinese investment to Pakistan. He highlighted the role of Caretaker Commerce Minister Gohar Ijaz in finding markets and partners for Pakistani exporters and in promoting ‘Vision Pakistan 100 Billion Dollars’.
The Chinese President Xi Jinping’s Belt and Road Initiative (BRI) vision was also discussed, with a focus on increasing business-to-business interactions between Pakistani and Chinese industrialists. This is expected to boost trade and investment, especially in the automobile sector where China has shown a keen interest in investing in Pakistan.
Furthermore, the caretaker commerce minister assured Chinese authorities during the visit that electric vehicle manufacturing would be encouraged in Pakistan’s special economic zones. Tufail also mentioned the potential benefits for Chinese investors in taking advantage of the Generalized System of Preferences (GSP) Plus, enabling them to export from Pakistan to the Gulf Cooperation Council (GCC) countries and Africa.
Significant progress was made in revising the Free Trade Agreement between Pakistan and China. Tufail also noted the caretaker commerce minister’s invitation to Chinese industrialists to invest in Pakistan’s special economic zones, suggesting a strong possibility of China opening its markets to Pakistan.
During a meeting with China’s Deputy Minister of Commerce, Li Fei, the Pakistani delegation discussed strategies to increase trade between the two countries. Tufail expressed confidence that the outcomes of this visit would positively impact future trade relations.
The post Chinese Companies to Establish Electric Car Factories in Pakistan, Announces Zubair Tufail appeared first on Pakistan Business News.