The world’s largest maker of electric vehicles (EVs), BYD, is looking into business potential in Pakistan, according to Dr. Gohar Ejaz, the caretaker minister for commerce and industries.
EV giant BYD investment in Pakistan: Dr. Ejaz posted the following on the social networking site X, formerly known as Twitter, on Thursday: “Had a successful meeting with BYD, the market leader in EVs. They are thinking about investing in Pakistan.”
Informing the BYD delegation of government policies and the Special Investment Facilitation Council (SIFC), the caretaker minister.
Promised complete support for their new endeavours, according to Dr. Ejaz.
The change occurs as Pakistan works to cut its energy import bill, strengthen its presence in the renewable energy industry, and achieve climate change targets. Anwaar-ul-Haq Kakar, the interim prime minister, asked Chinese companies to invest in Pakistan’s solar farms a few days ago.
Prior to this, Pakistan Refinery Limited and the United Energy Group of China inked a Memorandum of Understanding on Wednesday to spend $1.5 billion in the petroleum industry.
The MoU will contribute to the refinery’s ability to produce more high-speed diesel—from 0.6 million tonnes to 2 million tons—and more gasoline—from 250,000 tonnes to 1.6 million tonnes each.
The refinery’s output of petrol and high-speed diesel would show to be less expensive than expensive imported fuel.
A MoU to increase chilli production in Pakistan was also signed on Wednesday by Chinese and Pakistani businesses.
According to the MoU, the Chinese side will supply technology, investment, and will purchase chilli from Pakistan, while the Pakistani side will provide land for farming and industrial, labour, and other related facilities to put up a comprehensive package.