Chinese investment in agri, auto sectors to benefit both countries: President

March 28, 2022: Immense potential is existing in Pakistan for the Chinese companies to invest in agriculture, automobile, and other sectors for the benefit of the two countries and their peoples, President Dr Arif Alvi said on Monday while addressing the inauguration ceremony of Service Long March (SLM) tyre factory in the Nooriabad area of Karachi.

The president said the government had taken a number of steps to attract foreign investment and promote exports through value-addition in the country.

He also appreciated the Governor of the State Bank of Pakistan for his tremendous job of facilitating the business community in the country.

"No country can prosper if stakeholders are not included in the policy-making process," he commented.

He said the establishment of the SLM factory was the result of joint efforts of Chinese and Pakistani investors.

The president said during the period of 2013-18, the smuggling of tyres witnessed a rise which would be curbed following the local manufacturing in the country.

He said employment opportunities for women and disabled persons should be created.

Speaking on the occasion, Governor State Bank, Dr Raza Baqir said the bank had introduced Temporary Refinance Economic Facility (TREF) to boost business activities in the country and loans, particularly for small businesses, were being given through the scheme on priority.

He said that loans were being given through commercial banks for small businesses on priority to boost business activities in the country.

The governor said that annual export of three hundred million dollars was expected through the tyres' manufacturing factory.

On the occasion, the CEO of SLM, Usman Saeed said that SLM was the export-oriented company in the country, adding that we made profits but the major share of it was being spent on the welfare of the people in the country.

"We have established hospitals serving the poor people in the country and in addition, all kinds of support have been extended to other foundations in the country," the CEO informed.

APP