Chinese auto giant BYD ‘discusses’ Pakistan’s EV sector potential: Board of Investment
23 November 2023
Published in: Business Recorder
BYD, a Chinese auto conglomerate and the world’s largest electric vehicles (EVs) manufacturer, discussed Pakistan’s EV sector potential, according to a revised series of posts by the Board of Investment (BoI) on Thursday. Earlier posts suggested that BYD was “keen to invest” in Pakistan’s EV sector. The posts have since then been deleted.
The development comes after a delegation from BYD Company China, featuring Cai Xiao Xu, Head of Dealer Division (South Asia), and Lei Jian, Country Head (Pakistan), met with Sohail Rajput, Secretary at BoI.
“As a Fortune 500 company and a global leader in EV manufacturing, BYD Company is recognized for its presence in four major industries: automobile, rail transit, new energy, and electronics,” read a statement posted on X, formerly Twitter.
The BYD delegation is currently on an exploratory visit to Pakistan, facilitated by the BoI, and features crucial meetings with potential local partners.
During the meeting, the Secretary BOI, welcomed the company’s interest in the country, emphasising the significance of EVs in Pakistan.
He assured the BYD delegation of the Government of Pakistan’s commitment to facilitating foreign investors.
BYD is the world’s largest EV manufacturer and a major manufacturer of automobiles (battery electric and hybrid cars, buses, trucks, etc.), battery-powered bicycles, forklifts, solar panels and rechargeable batteries.
Last month, Dr Gohar Ejaz, Caretaker Minister for Commerce & Industries, said BYD is considering investment opportunities in Pakistan.
Back then, the caretaker minister informed the BYD delegation about the government policy and the Special Investment Facilitation Council (SIFC).
“Promised full backing for their new ventures,” said Dr Ejaz at the time.
Pakistan seeks to increase its footprint in the renewable energy sector, reduce its energy import bill and meet climate change goals.
Caretaker Prime Minister Anwaar-ul-Haq Kakar has also separately invited Chinese businesses to invest in Pakistan’s solar parks.
