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.


Pakistan expresses concern over Yemen crisis, reaffirms solidarity with Saudi Arabia

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Pakistan expresses concern over Yemen crisis, reaffirms solidarity with Saudi Arabia

  • Saudi-led coalition forces on Tuesday conducted a “limited” airstrike targeting two shipments of smuggled weapons coming from Fujairah
  • Pakistan’s foreign office calls for dialogue and diplomacy to resolve Yemen’s crisis, reiterates support for the country’s territorial integrity

ISLAMABAD: Pakistan’s foreign office spokesperson on Wednesday expressed concern over the resurgence of violence in Yemen, expressing solidarity with Saudi Arabia and calling for dialogue and diplomacy to resolve ongoing tensions in the country. 

The development takes place a day after the Saudi Arabia-led Coalition to Support Legitimacy in Yemen said it conducted a “limited” airstrike targeting two shipments of smuggled weapons and other military hardware coming from the Emirati port of Fujairah into Mukalla in southern Yemen.

Major General Turki Al-Maliki, spokesperson of the coalition forces, said the weapons were meant to support the Southern Transitional Council (STC) forces, backed by the UAE, in Yemen’s Hadramaut and Al-Mahra “with the aim of fueling the conflict.” Shortly after the airstrikes, Rashad Al-Alimi, the head of Yemen’s presidential council, told Emirati authorities to withdraw their troops from Yemen within 24 hours.

Disregarding previous agreements with the Arab Coalition, the STC separatist group launched a sweeping military campaign early in December, seizing the governorates of Hadramaut along the Saudi border and the eastern governorate of Al-Mahra in Yemen’s border with Oman.

“Pakistan expresses deep concern over resurgence of violence in Yemen,” the foreign office spokesperson said in a statement. 

“Pakistan reiterates its support for the unity and territorial integrity of Yemen, as well as all efforts aimed at establishing lasting peace and stability in the country.”

The foreign office said it opposes unilateral steps by “any Yemeni party” that could further escalate the situation, undermine peace efforts and threaten the country’s stability. 

“Pakistan welcomes regional efforts for de-escalating the situation and maintaining peace and stability in Yemen,” the statement said. “Pakistan expresses complete solidarity with the Kingdom of Saudi Arabia and reaffirms its commitment to security of the Kingdom.”

The statement concluded with Islamabad calling for dialogue and diplomacy to resolve tensions in Yemen. It also urged regional powers to work together for an “inclusive and enduring settlement of the issue.”

The STC’s advance has raised the specter of the return of South Yemen, a separate state from 1967 to 1990, while dealing a blow to slow-moving peace negotiations with Iran-backed Houthi rebels.

Saudi Arabia on Tuesday expressed regret over what it described as pressure by the UAE on STC forces to carry out military operations in Yemen’s Hadramout and Al-Mahra governorates, warning that such actions pose a direct threat to the Kingdom’s national security and regional stability.

The UAE announced the withdrawal of its remaining counter-terrorism units in Yemen on Tuesday, citing recent developments and concerns over the safety and effectiveness of ongoing operations.

It earlier reaffirmed its unwavering commitment to Saudi Arabia’s security and sovereignty, rejecting any actions that could threaten the Kingdom or undermine regional stability.

PAKISTANI PM MEETS SAUDI ENVOY

Prime Minister Shehbaz Sharif separately met Saudi Ambassador Nawaf bin Said Al-Malki at the Prime Minister’s House, a statement from Sharif’s office said on Wednesday. 

Both sides discussed bilateral relations between Pakistan and Saudi Arabia, including recent regional and global developments, the Prime Minister’s Office (PMO) said. 

“The prime minister underscored the importance of dialogue and diplomacy in maintaining peace and stability,” the PMO said. 

Sharif, along with Dar and other officials, separately met UAE President Sheikh Mohamed bin Zayed Al-Nahyan on Tuesday. The UAE president is on a private visit to the Pakistani city of Rahim Yar Khan following his first official visit to Islamabad earlier this month.

“The two leaders also discussed ways to enhance cooperation in a wide range of areas including IT, energy, mining & minerals, as well as defense cooperation,” Sharif’s office said on Tuesday.