China’s Dongjin Power to setup $15mn dry battery plant in Punjab

China’s Dongjin Power Tech has partnered with the Punjab Board of Investment and Trade (PBIT) to invest $15 million in a state-of-the-art dry battery manufacturing plant inside Punjab’s Special Economic Zone (SEZ).

A memorandum of understanding (MoU) was inked in this regard on Monday.

The Dongjin Group is a company dedicated to the production, R&D and sales of lead-acid batteries and lithium battery packs. Headquartered in Shenzhen, the company has established lithium battery and lead-acid battery factories in Dongguan, Guangdong Province and Xingan County, Jiangxi Province, respectively.

It has also invested and built factories in Bangladesh, Pakistan, India, the Philippines, Turkey, Brazil and other overseas countries.

Chinese investment has emerged as a key pillar of Pakistan’s renewable energy sector, with Chinese companies and financial institutions investing billions of dollars in solar, wind, hydropower, and transmission infrastructure projects in the past decade.

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On Monday, Pakistan’s Ambassador to China, Khalil Hashmi, said more than 300 MoUs and over three dozen joint venture agreements have been signed between Pakistan and Chinese companies, with a combined value exceeding $13 billion.

The envoy revealed that Pakistan is currently engaged in active negotiations with the world’s leading battery manufacturer, CATL, which specialises in lithium-ion and sodium-based battery technologies.

Pakistan is encouraging the company to invest and collaborate in the country, and he expressed hope that significant progress in this regard may emerge during the Prime Minister’s upcoming visit to China.