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Sunday March 03, 2024

Chinese EV giant BYD in talks with Pakistan over investment opportunities

BYD is recognized as a Fortune 500 entity and a global leader in EV manufacturing

November 24, 2023
The image shows an electric vehicle from Chinese electric vehicle (EV) maker BYD Co Ltd. —Facebook/bydcompany
The image shows an electric vehicle from Chinese electric vehicle (EV) maker BYD Co Ltd. —Facebook/bydcompany

ISLAMABAD: Chinese electric vehicle (EV) maker BYD Co Ltd is in talks with Pakistan’s government and potential local partners about investing in the country’s nascent EV sector.

The Board of Investment (BoI), Pakistan’s main body for attracting foreign investment, said the world’s largest EV manufacturer, had expressed interest in exploring opportunities in Pakistan during a visit by a delegation this week.

"The delegation is currently on an exploratory visit to Pakistan, facilitated by BOI, including crucial meetings with potential local partners," the BoI said Thursday on it social media platform X. The significant update comes in the aftermath of a meeting between a delegation from BYD Company China, led by Cai Xiao Xu, head of Dealer Division (South Asia), and Lei Jian, Country Head (Pakistan), with Sohail Rajput, Secretary at BoI.

The BoI said BYD, recognized as a Fortune 500 entity and a global leader in EV manufacturing, emphasized its presence in four major industries: automobile, rail transit, new energy, and electronics.

During the meeting, the Secretary of BoI welcomed BYD's interest, emphasizing the significance of EVs in Pakistan. He assured the BYD delegation of the Government of Pakistan's commitment to facilitating foreign investors.

BYD, holding the title of the world's largest EV manufacturer, is a key player in the production of various vehicles, including battery electric and hybrid cars, buses, trucks, as well as battery-powered bicycles, forklifts, solar panels, and rechargeable batteries.

In the preceding month, Dr. Gohar Ejaz, the Caretaker Minister for Commerce & Industries, disclosed through his 'X' account that BYD is actively considering investment opportunities in Pakistan. The minister informed the BYD delegation about the government's policy and the Special Investment Facilitation Council (SIFC), expressing full support for their potential ventures.

With its operations in India and various right-hand-driven (RHD) markets, BYD is emerging as a formidable competitor to Tesla and is on track to surpass the latter as the world's largest EV manufacturer. The Chinese company's EVs have been gaining widespread popularity globally.