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 Navy tests missile, loitering munitions and unmanned vessel at Arabian Sea

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Pakistan Navy tests missile, loitering munitions and unmanned vessel at Arabian Sea

  • The exercise reflects growing focus on air defense and autonomous systems in modern warfare

ISLAMABAD: Pakistan’s navy conducted live firing of a surface-to-air missile, tested loitering munitions and carried out open-sea trials of an unmanned surface vessel during a major exercise in the North Arabian Sea on Saturday, highlighting a growing focus on air defense and unmanned warfare amid evolving regional security dynamics.

The exercise, which demonstrated both conventional and autonomous capabilities, comes at a time when Pakistan is increasingly emphasizing advanced technology and multi-domain operations following last year’s four-day conflict with nuclear-armed India, which reinforced the importance of air defense, surveillance and precision strike systems.

“Pakistan Navy demonstrated its operational readiness and combat preparedness through a comprehensive exercise in the North Arabian Sea, showcasing both conventional and unmanned capabilities, as per dictates of evolving naval warfare,” the Navy’s Directorate General Public Relations said in a statement.

“The exercise included the successful live firing of LY-80(N) Surface to Air Missile (SAM) from Vertical Launching System at extended range, validating the long-range capabilities of Pakistan Navy’s modern air defense systems,” it added. “LY-80(N) SAM successfully engaged and neutralized an aerial target, demonstrating Pakistan Navy’s robust air defense capabilities.”

The statement said the exercise also featured the successful engagement of surface targets using a loitering munition, which it said demonstrated the navy’s precision strike capability.

“Successful open-sea trials of Unmanned Surface Vessel (USV) were also conducted, marking a significant leap in autonomous naval technology,” it continued. “The trials validated the platform’s ability to combine high-speed performance with mission-critical durability.”

Pakistan’s armed forces routinely hold large-scale exercises to enhance operational readiness, but recent drills have placed greater emphasis on emerging technologies, reflecting lessons drawn from modern conflicts.

Key capabilities demonstrated during the exercise included extreme maneuverability, precision navigation and weather resilience.

Chief of the Naval Staff Admiral Naveed Ashraf commended officers and men of the Pakistan Navy for their professionalism and operational competence, reiterating the navy’s resolve to ensure the seaward defense of the country and safeguard its maritime interests.