Chinese-Pakistani firm SLM Tyres to invest Rs300 billion in Pakistan

In this photograph taken on on October 6, 2022 reusable tyres removed from damaged cars are stocked at the "Surplus Recyclage" company in Gaillac, southwestern France. (AFP/File)
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Updated 11 May 2024
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Chinese-Pakistani firm SLM Tyres to invest Rs300 billion in Pakistan

  • The development came during SLM Tyres Chairman Jin Yongsheng’s meeting with PM Shehbaz Sharif in Lahore
  • Jin lauded the government’s investment-friendly policies and appreciated the measures to prevent smuggling

LAHORE: Service Long March (SLM) Tyres, a Chinese-Pakistani joint venture, has decided to invest an additional Rs300 billion in Pakistan that will help create new job opportunities and increase its exports, Pakistani state media reported on Friday.

The development came during Service Long March Tyres Chairman Jin Yongsheng’s meeting with Prime Minister Shehbaz Sharif in the eastern city of Lahore.

SLM Tyres, a joint venture of Servis Group and Chaoyang Long March, is Pakistan’s first all-steel radial tire manufacturer for trucks and buses. It aims to provide “best value for money” tires to Asian and Western countries.

During the meeting, Jin lauded the Pakistani government’s investment-friendly policies and appreciated measures to prevent smuggling, the state-run APP news agency reported.

“Jin Yongsheng said that the new investment would help produce 1000 new jobs whereas the company’s exports from Pakistan might also reach $100 million annually by 2025,” the report read.

SLM ownership comprises 51 percent shareholding of Servis Group, 44 percent of Chaoyang Long March Co. Ltd. and 5 percent of Myco Corporation. The $300 million venture has been given the status of Sole Enterprise Special Economic Zone (SESEZ) by Pakistan.

Pakistan, which narrowly averted a default last year, thanks to $3 billion International Monetary Fund (IMF) bailout, is currently looking to attract foreign investment to support its fragile, $350 billion economy.

Over the last one year, the South Asian country has signed investment deals worth billions of dollars with friendly countries.

During Friday’s meeting, PM Sharif welcomed the decision of Service Long March Tyres Group to expand its operations in Pakistan, saying his government was taking measures on priority to boost investment in the country.

“A comprehensive framework was being shaped up to further facilitate the business community and the investors,” Sharif was quoted as saying.


Pakistani label Maria B enters Bangladesh as first international women’s brand

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Pakistani label Maria B enters Bangladesh as first international women’s brand

  • Global brands produce clothing in Bangladesh but do not have official stores
  • Before Maria B, Junaid Jamshed’s family fashion-oriented label opened a Dhaka store

DHAKA: Pakistani label Maria B, which opened its first branch in Dhaka this week, has become the first international women’s clothing brand to establish a presence in Bangladesh, a country that produces many of the world’s garments but lacks foreign retailers.

The second-largest apparel exporter in the world — after China — Bangladesh specializes in ready-made garments for many global brands, including H&M, Zara, and Uniqlo.

While their products are available in the market — mostly as factory leftovers — they do not have their official stores in the country.

The opening of a Maria B outlet in Dhaka marks its entry as the first international women’s fashion house in the Bangladeshi market. The other foreign brand that has its store in Bangladesh is J., a family-oriented clothing label started by the late Junaid Jamshed, an iconic Pakistani singer turned entrepreneur.

“It’s appreciable that a brand like Maria B recognized the growing market and consumer base in Bangladesh. The presence of international brands like this will also enhance the image of our local fashion market,” Shahrukh Amin, fashion designer and Bangladeshi clothing brand owner, told Arab News.

“Fashion has become something global. We can see trends from all over the world with a mobile phone in hand.”

Amin said that the Pakistani designer’s outlet had already created a “buzz” among Bangladeshi fashionistas.

“She has an individual style that is not found in the works of many other designers,” he said.

“Until her launching in Dhaka, Bangladeshi fashion lovers would purchase her dresses from Dubai, London, the US, or online preorders.”

The presence of the Pakistani brand, a globally recognized fashion house, is welcome not only because of its popularity but also because it marks the entry of the first high-end foreign designer label.

“We are living in a global city and want a global environment here,” said Maheen Khan, president of the Fashion Design Council of Bangladesh. “A famous Pakistani brand launching its operations in Dhaka is a positive development.”

It is also seen as a signal that the apparel sector, which in Bangladesh is dominated by cheap production of fast-fashion European brands, may grow and become more competitive.

“It’s a big thing because in most cases international brands don’t show much interest in coming here to Bangladesh. Even the international food chains are also not very interested in coming,” Azra Mahmood, a model and celebrated figure in Bangladesh’s fashion, told Arab News.

“The fashion industry is also a business. From that point of view, I consider it very positive that an international brand like Maria B launched its outlet in Dhaka. The more international brands come here, the better for our fashion industry.”