Chinese firm ready to invest in EVs, other sectors

Business Recorder reported that China's Shengtang Group has voiced strong interest in putting USD 10 million into Pakistan. The group is weighing ventures in EV production, industrial growth, power, rail, tourism and city development. The proposal came up at a Monday meeting in Islamabad between the group's delegation and Haroon Akhtar Khan, the Prime Minister's Adviser on Industries and Production. Both sides also looked at a proposed memorandum of understanding valued at the same USD 10 million.

Khan said the government is working to help investors commit funds to industrial, tourism, power and social sectors. He argued that closer ties with Beijing should produce tangible economic gains, pointing to newly structured regulatory reforms, easier business procedures and favourable land-lease terms. He also described electric vehicles as a promising field where Chinese companies could help Pakistan advance its technology and industrial capacity.

Khan added that extra Chinese capital could speed industrial expansion, bring in technology, lift economic activity and create jobs. He also said about 40 percent of the many bilateral joint ventures and memoranda between the two nations have entered implementation.