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China Decides To Invest In Electric Vehicles Manufacturing And Local Agriculture Sector In Pakistan

China has decided to invest in Pakistan in the electric vehicles (EVs) manufacturing and agriculture sector to enhance the economic activities in the local market. The investment in both sectors will create growth and new employment opportunities in these sectors, the senior official of Board of Investment told APP here on Thursday. He said that Optima Integration Group of China has joined hands with Asia Pak Investments of Pakistan to invest $50 million in the first phase to develop agriculture, power and logistics sectors in Gwadar and Karachi.
He said that in a recent agreement, the Board of Investment (BoI) has facilitated the signing of a memorandum of understanding (MoU) between the two companies in this regard, which would create more than 100 jobs in Gwadar and Karachi, besides establishment of a high-tech processing facility along with technology transfer.
The senior official said that under the MoU, the two groups would set up an end-to-end supply chain for seafood, adding that 79 species of fish are approved by the General Administration of Customs of the People’s Republic of China for export from Pakistan to China.
He said that in the long run, the project would expand from fish to beef and goat – starting off with exporting beef with cold chain transport, then scaling with Chinese standard breeding, feedlot operations, vaccinations, and track and trace technology, and slaughter and pack facilities in Karachi.
Replying to a question, he said that China based Gauss Auto Group has planned to establish an electric vehicle (EV) plant in Pakistan’s Karachi Special Economic Zone (SEZs). The senior official said the group has planned to enter into a joint venture (JV) with AKD Group Holdings and set up the plant near Port Qasim, Karachi on around 1000 acres of land. The Gauss Auto is an enterprise focusing on the innovation and development of automobiles and the integration of resources, he said. He said that Pakistan’s recently launched Electric Vehicle Policy offers benefits to both; existing and new manufacturers.

BOI leadership encouraged Gauss Auto Group to invest in the auto sector of Pakistan and extended maximum support and facilitation to the company.

Source: https://nation.com.pk/2022/05/27/china-decides-to-invest-in-evs-manufacturing-local-agriculture-sector/

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