Islamabad (TDI): A Chinese company ADM Group has announced a significant investment of $350 million in Pakistan for establishing an electric vehicle manufacturing plant in Pakistan and setting up 3,000 electric vehicle charging stations across the country.
All this investment become possible with the support of the Special Investment Facilitation Council, state-run media in Pakistan and China has reported.
Of these electric vehicle charging stations, one thousand stations will be set up in Sindh, fifteen hundred in Punjab, and seven hundred and fifty in Khyber Pakhtunkhwa and Balochistan.
Besides the charging stations, the ADM Group, Chinese firm, will allocate $250 million for the establishment of an electric vehicle manufacturing plant in Pakistan.
Read More:$70mln MoUs Signed with Chinese Companies
The report further said that the Chinese Group will invest $90 million in activities for developing the necessary charging infrastructure.
The electric vehicles, which will be capable of traveling up to 300 kilometers on a single charge, are expected to help reduce carbon emissions and lessen the country’s dependence on conventional fuel sources.
The investment is in line with the Pakistan’s policies for increasing investment in the country and the policy of addressing the pressing issue of the climate change. The investment plan serves the two purposes at the same time.
Chinese Investment in Pakistan
In a yesterday’s meeting, Prime Minister Shahbaz Sharif was informed that in total over 200 B2B agreements have been concluded with Chinese companies and MoUs worth 70 million dollars have been signed.
Also Read: Pakistan Seeks Chinese B2B Investments
Chinese investment in Pakistan in on increase and until end of 2022 it was over $65 billion.
In the first quarter of fiscal year 2024-25 alone, China accounted for 44.8% of Pakistan’s FDI, totaling $404 million.
Reports suggest that this was a 164% increase from the same period in 2023-24. China has recently announced financing for $10.63 billion of CPEC’s transportation infrastructure.
Now focus is changing toward B2B investment and the two countries are welcoming joint ventures as well.
