ISLAMABAD: Pakistan’s planning minister has invited China to collaborate with Islamabad in setting up industrial zones to manufacture electric cars amid a renewed push to attract foreign investment, state news agency APP reported on Wednesday.
The government of Pakistan approved an ambitious National Electric Vehicles Policy (NEVP) in 2019 with the goal of electric vehicles comprising 30 percent of all passenger vehicle and heavy-duty truck sales by 2030, and an even more ambitious target of 90 percent by 2040. For two- and three-wheelers, as well as buses, the policy set a goal of achieving 50 percent of new sales by 2030 and 90 percent by 2040.
In a meeting with Chinese officials on Tuesday, Planning Minister Ahsan Iqbal invited them to collaborate on the production of electric cars.
“He emphasized Pakistan’s aim to establish industrial zones for the manufacturing of electric cars in collaboration with China, leveraging Pakistan’s competitive advantage to reduce overall production costs and create employment opportunities for Pakistani workers,” APP reported.
Earlier this year, Sazgar Engineering, one of Pakistan’s leading car manufacturers, unveiled the electric vehicle “ORA 3,” manufactured in collaboration with Chinese car manufacturer Great Wall Motors (GWM).
The urban areas of Pakistan exhibit some of the world’s highest levels of air pollution, primarily due to sub-2.5 μm particulate emissions. This issue significantly impairs both the country’s economy and the quality of life of its residents. Road transport is a significant contributor to air pollution as around 23 percent of Pakistan’s greenhouse gas emissions originate from vehicles.
On Tuesday, Prime Minister Shehbaz Sharif also met a delegation of Japanese industrialists in Islamabad and invited them to invest in Pakistan’s electric automotive industry.
“There is a wide potential for investment in the electric vehicle industry in Pakistan and Japanese companies with the best technology can take full advantage of it,” Sharif told the Japanese group.
Pakistan invites China to establish industrial zones for electric car manufacturing
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Pakistan invites China to establish industrial zones for electric car manufacturing
- Earlier this year, Pakistani car maker Sazgar Engineering unveiled electric car made in collaboration with China
- Road transport is significant contributor to pollution as around 23 percent of Pakistan’s greenhouse gases come from vehicles
Islamabad says Pakistan Saudi Arabia Economic Cooperation Framework initiatives ‘being materialized’
Islamabad says Pakistan Saudi Arabia Economic Cooperation Framework initiatives ‘being materialized’
- Pakistan, Saudi Arabia agreed to launch framework in October to expand trade, investment ties in priority sectors
- Pakistan views Saudi Arabia as a vital regional ally that has helped it avert macroeconomic crises over the years
ISLAMABAD: Pakistan’s foreign office spokesperson said on Thursday that certain initiatives related to the Pakistan Saudi Arabia Economic Cooperation Framework “are being materialized,” describing the economic partnership between the two countries as “solid, firmly rooted.”
Islamabad and Riyadh agreed to launch an Economic Cooperation Framework in October, as per the Prime Minister’s Office (PMO), to expand bilateral trade and investment ties. This decision was taken during a meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman in Riyadh.
Sharif’s office had said the framework will see the two countries focus on priority sectors including energy, industry, mining, information technology, tourism, agriculture and food security.
“Pakistan-Saudi economic partnership is solid, firmly rooted,” Tahir Andrabi, the foreign office spokesperson, said during a weekly news briefing. “There were certain initiatives taken during the visit of our prime minister to the Kingdom of Saudi Arabia and are being materialized.”
Andrabi said Pakistan’s Special Investment Facilitation Council (SIFC) and the Board of Investment are working on “individual investments” between the two countries but did not provide any further details.
Pakistan’s Finance Minister Muhammad Aurangzeb departed for Riyadh on Wednesday to attend the three-day Global Development Finance Conference, where he is expected to present Islamabad’s perspective on climate adaptation and financing.
“During the conference, Finance Minister Senator Muhammad Aurangzeb will participate in a high-level session on climate adaptation and resilience, where he will join global leaders in discussing how developing countries can secure the capital needed to address climate vulnerabilities,” the Finance Division said in a statement on Wednesday.
Aurangzeb is also scheduled to hold bilateral meetings with senior Saudi officials, including leadership of the National Development Fund and the Ministry of Finance, to discuss development financing, investment opportunities and broader economic cooperation.
The finance chief will additionally meet Pakistan’s diplomatic mission in Riyadh to review ongoing economic diplomacy initiatives.
Pakistan and Saudi Arabia have long enjoyed close ties but have sought to broaden cooperation in recent months.
In September, the two countries signed a security agreement pledging that aggression against one would be treated as an attack on both. The move was widely viewed as formalizing longstanding military cooperation into a binding commitment aimed at bolstering joint deterrence.
The Kingdom also hosts more than 2.5 million Pakistani expatriates and serves as the largest source of remittances for Pakistan’s $407 billion economy.
