ISLAMABAD, : Pakistan’s first all-steel radial truck/bus tyre plant set up by Servis LongMarch (SLM), a Pak-China joint venture has been inaugurated, Gwadar Pro reported on Tuesday.
This milestone opened a new era for Pakistan’s tyre industry, transferring a new technology for the manufacture of truck and bus radial tyres from China and putting Pakistan on the global export map of engineered goods.
On the occasion, Mr Omar Saeed, CEO, Servis Long March Tyers (Pvt.) Ltd, introduced the background of the plant, “Chaoyang LongMarch and Servis partnered to produce tyres for USA, Brazil and Pakistan in Phase 1. 1,000 direct employment opportunities were already created. Annual exports will cross USD 300 million on achieving annual capacity of 2.4 million tyres, which will achieve import substitution, foreign exchange generation through exports, and premium foreign direct investment from China.”
Congratulating the great progress, Mr Muhammad Azfar Ahsan, MOS/Chairman BOI, stated that SEZ plays a very important role in Pakistan’s economic development. He explained, “it is necessary for BOI to take the initiative of ease of doing business, and BOI will continue to facilitate Chinese businesses which are interested in relocating and investing in Pakistan.”
Dr Reza Baqir, Governor of the State Bank of Pakistan, praised this move as a dedication to diversifying exports. It has set a good example for Pakistan to participate in international value chains.
The central bank has given support to SLM during the pandemic, and it will formulate more policies to make an enabling investment environment.
Through video links, Mr Li Qingwen, Chairman, LongMarch Tyres, expressed his tremendous gratitude to the Chinese and Pakistani governments and everyone who make efforts for the project. He underlined that this project is a positive response of Chaoyang Longmarch to the Belt and Road Initiative (BRI).
Stakeholders of Chaoyang LongMarch Tyres attach great importance to this project and another capital injection has just been approved. “In the future, SLM will certainly live up to the expectations of both governments and strive to build the joint venture into a model of private enterprise cooperation between the two countries
