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September 12, 2019

Russian firm keen to invest in electric vehicle sector

Islamabad

September 12, 2019

Islamabad: A Russian Technology firm has offered to invest in Electric Vehicle Industry of Pakistan with the latest technology called Nano Tubes. A delegation of Russian private company, led by Igor Kim, called on adviser to the Prime Minister/ Federal Minister on Climate Change, Malik Amin Aslam on Wednesday. While talking to the delegation, the federal minister said that their government was taking the issue of climate change very seriously and took several steps in that regard.

He said that Ministry of Climate Change, under the leadership and vision of Prime Minister Imran Khan, had started five initiatives to mitigate the effects of climate change namely: Ten Billion Tree Tsunami, Ban on Plastic Bags, Clean Green initiative, Electric Vehicle Policy and Green Climate Fund. Russian delegation appreciated the efforts of Pakistan Government and introduced their products.

Kim said that Nano Tube Technology was being used in all sorts of materials with scores of objectives from reinforcement to enhancing conductivity. They said that their product was microscopic and was widely being used in electric batteries, construction materials, LED screen, solar panels, plastics, tires, conductors and clothes. Introduction of Nano materials will add to energy efficiency by making it light weight and minimizing energy losses, he added.

Adviser to the prime minister welcomed the offer and told that EV policy was on cards and would be approved within a couple of weeks. Once the policy was approved it would open new horizons in R&D and investment. Government of Pakistan had also planned an Innovation District dedicated for Electric Vehicles and allied technologies. “We want to make Pakistan hub for right-hand-drive electric vehicles all across the world”, Malik added. “Proposed policy will offer tariff incentives in order to make EV prices at par with conventional vehicles. Pakistan is a huge market for two and three wheelers and there is immense potential for investment. Currently Pakistan’s 43% emissions are from transport sector while EV will help reduce emissions by 2/3”, he said.

The delegation appreciated initiatives of the present government and showed their keenness to work with Pakistani entrepreneurs. Other members of the delegation included Anastasia Kim, John Mcnaughton and Farooq Bajwa.

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