ISLAMABAD: BYD, the prominent Chinese automotive conglomerate recognized as the world’s largest electric vehicle manufacturer, has shown a strong interest in investing in Pakistan’s EV sector, as revealed in recent updates shared by the Board of Investment (BoI) on Thursday.
Following a meeting between a delegation from BYD Company China, featuring Cai Xiao Xu, Head of Dealer Division (South Asia), and Lei Jian, Country Head (Pakistan), with Sohail Rajput, Secretary at BoI, discussions unveiled BYD’s enthusiasm for investment in Pakistan’s EV landscape.
Highlighted in a statement posted on various platforms, including X, previously known as Twitter, BYD’s standing as a Fortune 500 company and a global leader in EV manufacturing across key industries was emphasized.
The ongoing visit of the BYD delegation to Pakistan, facilitated by BoI, involves crucial discussions with potential local partners.
Secretary BoI warmly welcomed the company’s interest, stressing the pivotal role of EVs in Pakistan’s future. He assured the BYD delegation of the Pakistani Government’s commitment to facilitating foreign investors.
BYD holds the distinction of being the world’s largest EV manufacturer, producing a wide range of automobiles including battery electric and hybrid cars, buses, trucks, as well as battery-powered bicycles, forklifts, solar panels, and rechargeable batteries.
In a previous interaction, Dr. Gohar Ejaz, the Caretaker Minister for Commerce & Industries, had indicated BYD’s contemplation of investment opportunities in Pakistan.
Dr. Ejaz had briefed the BYD delegation about government policies and the Special Investment Facilitation Council (SIFC), ensuring comprehensive support for their prospective ventures.
This move aligns with Pakistan’s ambitions to expand its presence in the renewable energy sector, curtail energy import costs, and align with climate change objectives. Additionally, Caretaker Prime Minister Anwaar-ul-Haq Kakar extended a separate invitation to Chinese businesses to invest in Pakistan’s solar parks.
