Chinese group to invest in e-vehicle sector in Punjab

LAHORE:An investment agreement has been signed between the Department of Industries & Commerce and Skywell New Energy Vehicles Group of China in Punjab.

According to the agreement, the Chinese investor group will make a major investment in the electric vehicle sector and it will set up an electric vehicle assembling plant on an area of 75 acres in the Special Economic Zone (SEZ) of Punjab.

Provincial Minister for Industries & Commerce Chaudhry Shafay Hussain and the CEO of the Chinese company Mr Biwan Han signed the memorandum of understanding (MoU). The Chinese group has expressed keen interest in investing in the business of electric buses, cars, two-wheelers, three-wheelers and other electric vehicles. Provincial Minister for Industries & Commerce Chaudhry Shafay Hussain, while speaking on the occasion, welcomed the investment of Chinese investors in the electric vehicles sector.

The government will provide all possible support to the Chinese investors to set up electric vehicles plant in Punjab. The Punjab government under the leadership of Chief Minister Maryam Nawaz is taking prompt measures to promote the EV sector.

Chaudhry Shafay Hussain highlighted that the promotion of environment-friendly transport sector in the province is the foremost priority of the Punjab government. We are providing all possible facilities to those who invest in e-products, batteries, charging stations and electric vehicles.

The minister reaffirmed the commitment of the Punjab government to promote industrialisation along with bringing new investment in the province. He added that setting up new industries in Punjab will create new employment opportunities for the people.

Chaudhry Shafay Hussain underscored that foreign investors, including China, will be given foolproof security in Punjab, adding that domestic and foreign investors are being provided with the best possible security facilities. He said that owing to the favourable environment, new investments are coming rapidly in the province.

CEO of Skywell New Energy Vehicles Group China Mr Biwan Han apprised that the group would manufacture electric vehicles for export purposes along with providing to the local market. Officials of Chinese companies were also present at the ceremony held at Punjab Small Industries Corporation (PSIC) Office.