Chinese Investors Meet Punjab Industries Minister

LAHORE, (UrduPoint / Pakistan Point News - 16th Sep, 2024) A representative delegation of Chinese investor group ADM met with Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain to discuss investment opportunities in electric vehicles and other sectors, here at Punjab board of Investment and Trade (PBIT) office on Monday.

On this occasion, ADM Group also signed an agreement with 2 local investment companies to build charging stations for electric vehicles in Pakistan. According to the agreement, 3000 charging stations will be built across the country with an investment of 90 million dollars.

In the second phase, an investment of 250 million Dollars will be made to set up an assembling and manufacturing plant for electric motor vehicles.

ADM Group CEO Yasir Bhambani, Malik Enterprises CEO Malik Khuda Bakhsh and Indus Valley Chairman Rana Irfan Hameed signed the agreement. Consul General Shehzad Ahmed Khan from Shanghai participated in the event through video link.

Speaking on the occasion, Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain said that there is a favourable environment for domestic and foreign investment in Punjab.

He said that promotion of electric vehicles is need of the hour to control smog and environmental pollution.

The Provincial Minister said that the government has introduced a comprehensive policy regarding the promotion of electric vehicles. He said that there is a vast scope for investment in electric vehicles sector in Pakistan, especially in Punjab. "We welcome ADM Group's investment in the EV sector, this group should set up a four-wheeler small electric vehicle plant in Punjab and the government would provide all possible facilities," he assured.

The CEO of ADM Group said that ADM would complete the charging infrastructure of electric vehicles in two years.

In the second phase, a factory for assembling and manufacturing electric vehicles will be set up. He said that more Chinese companies are also willing to invest in the electric vehicles sector.

DG Punjab Board of Investment and Trade Dr. Sohail Ahmed, Deputy Secretary Commerce and other concerned officers were also present.