Electric Cars

US investors interested in assembling electric vehicles in Pakistan

In yet another major development in recent times in Pakistan’s electric vehicle space, a group of American investors have expressed an interest in exploring opportunities to assemble electric vehicles in the country.

According to a report by The Express Tribune, US Consul General in Lahore Catherine Rodriguez had an online meeting with Faisalabad Chamber of Commerce and Industry (FCCI) President Hafiz Ihtasham Javed in which she informed him of the intent of some American investors to explore the electric vehicle space in Pakistan.

She said that technology transfer with easy and duty-free access to American markets is essential to achieve a quantum leap in bilateral trade between the US and Pakistan, and that both countries are making efforts in this regard.

She acknowledged that law and order situation had improved considerably in Pakistan and said she would persuade American investors to exploit the new and emerging business opportunities.

While introducing her team, she said that she would try to hold a direct and face-to-face meeting with the Faisalabad-based industrialists dealing with US buyers.

US Commercial Counsellor for Pakistan John Coronado said that the US and Pakistan had deep trading ties, which could be further extended for the benefit of both countries.

Speaking on the occasion, the FCCI president highlighted the significance held by Faisalabad as a contributor the nation’s gross domestic product.

About 70% of textile exports originate from this city while 80-90% of textile units are also housed here,” he said.

He added that it was a strategically important and suitable place in the heart of Pakistan for making exports to any country via seaports or through up country road links with China and Central Asian states. He said that cheap and abundant skilled labor was available, which made Faisalabad more attractive for new industrialists.

Stressing the need for technology transfer from America, he said that “it is the best in the world and we can improve quality of our products in addition to reducing cost of production.”

Sponsored
Hamza Zakir

Platonist. Humanist. Unusually edgy sometimes.

Leave a Comment
Share
Published by
Hamza Zakir

Recent Posts

Indian Army Granted Authority to Directly Takedown Social Media Content

The Indian Army has been granted direct authority to manage social media content concerning its…

2 hours ago

NUST Achieves Global Recognition with 43 Researchers Among World’s Top 2% Scientists

In an extraordinary accomplishment for Pakistani academia, 43 researchers from the National University of Sciences…

3 hours ago

Khyber Pakhtunkhwa Govt Ready to Acquire PIA with Bid Exceeding Rs10bn

The Khyber Pakhtunkhwa (KP) government has officially informed the federal government of its intention to…

5 hours ago

PTA Cautions Public on Illegal and Unlicensed Forex Trading Platforms

The Pakistan Telecommunication Authority (PTA) has issued a stern advisory, warning citizens against investing in…

5 hours ago

Record Emigration: Economic Instability Forces Pakistan’s Best and Brightest to Depart

Economic challenges are prompting skilled workers to leave Pakistan, resulting in a significant talent drain…

7 hours ago

Russia’s Fine on Google Exceeds World’s Economy

A Russian court has fined Google for blocking state-run media channels on YouTube, imposing a…

1 day ago