Electric vehicles: Entry of China's largest automobile maker facilitated: BoI

ISLAMABAD: The Board of Investment (BoI) - the country's top investment promotion agency - Saturday said that it has successfully facilitated the entry of China's largest automobile manufacturer to bring electric vehicles in Pakistan.

During a Special Economic Zone (SEZ) committee meeting of Pakistan's first private sector JW-SEZ China-Pakistan SEZ Raiwind, BoI Chairman Atif R Bukhari said that initiation of the first private SEZ in Pakistan was a testament to the fact that government is fully committed to facilitating private investors for speedy industrialization in the country.

With an estimated Foreign Direct Investment (FDI) of Rs 663 million and local investment of Rs637 million MG JW Automobile Pakistan Pvt Ltd was granted admission in JW SEZ, Raiwind, Punjab, as Zone Enterprise. It will establish Electric car manufacturing plant.

MG JW Automobile (Pvt) Ltd (MG Pakistan) is a joint venture between JW SEZ (Pvt) Ltd and SMIL which is a subsidiary of SAIC Motor Corporation Limited.

Shanghai Automotive Industry Corporation (SAIC) is a Chinese state-owned automotive design and manufacturing company headquartered in Shanghai, with multinational operations.

It is the largest auto manufacturer in China and the seventh largest in the world. In 2006, SAIC purchased the prestigious British brand "Morris Garages (MG)" and it is now marketing automobiles under that brand all over the world.

The BOI received the Zone Entry Application of MG JW Automobile Pakistan Pvt Ltd through its recently launched "SEZ MIS Module" which acts as a one-window for SEZs in Pakistan.

The module is designed to facilitate real investors, from all corners of the world, in getting admission into SEZs while ensuring complete transparency. Secretary BOI Fareena Mazhar said that launching of SEZ MIS Module is a leap into the digital future of SEZ-led Industrialization. She further said that BOI is undertaking all-out efforts to facilitate private investors to invest in Pakistan. Both local and foreign investors interested in Pakistan's SEZs can now simply register online and submit their applications that will automatically be shared with concerned authorities.

Copyright Business Recorder, 2021