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HomeBusinessChinese investment in agri, auto sectors to benefit Pakistan: Alvi

Chinese investment in agri, auto sectors to benefit Pakistan: Alvi

President Dr Arif Alvi Monday said that there existed the immense potential for the Chinese companies to invest in agriculture, automobile, and other sectors of Pakistan for the benefit of the two countries and their peoples.

The president, addressing the inauguration ceremony of the Service Long March (SLM) tyre factory in the Nooriabad area of Karachi, expressed the pleasure that the foreign investment was increasing in the country.

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The president said the government had taken several steps to attract foreign investment and promote exports through value-addition in the country.

He said the governor of the State Bank of Pakistan had done a tremendous job by facilitating the business community in the country.

“No country can prosper if stakeholders are not included in the policymaking process,” he commented.

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He said the establishment of the SLM factory was the result of joint efforts of Chinese and Pakistani investors.

The president said during 2013-18, the smuggling of tyres witnessed a rise which would be curbed following the local manufacturing in the country.

He said employment opportunities for women and disabled persons should be created. Speaking on the occasion, State Bank Governor Dr Raza Baqir said the bank had introduced a temporary refinance economic facility (TREF) to boost business activities in the country and loans — particularly for small businesses — were being given through the scheme on priority.

He said that loans were being given through commercial banks for small businesses on priority to boost business activities in the country.

The governor said that annual export of $300 million was expected through the tyres’ manufacturing factory.

On the occasion, SLM CEO Usman Saeed said that SLM was the export-oriented company in the country, adding that “we made profits but a major share of it was being spent for the welfare of the people in the country.”

He added, “We have established hospitals serving the poor people in the country and in addition, all kinds of support have been extended to other foundations in the country.”

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