Greenfield tyre manufacturing project aims to generate foreign reserves

MG News | December 23, 2024 at 04:29 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

December 23, 2024 (MLN): The Greenfield Tyre Manufacturing Facility project holds significant export potential, in addition to catering to a large domestic market, Khurram Schehzad, the Advisor to the Finance Minister stated.

The project aims to save and generate foreign reserves for the country. He added that investor confidence has increased, and the investment environment is improving steadily.

The International Finance Corporation (IFC) has partnered with leading local banks to boost domestic tyre production, supporting this significant development.

Pakistan’s first new tyre manufacturing facility in decades is expected to help in import substitution of tyres equivalent to $500 million in the next few years.

The project is with Armstrong Group based out of UAE & Karachi.

IFC and a consortium of banks are providing upto $50.2mn in financing to Armstrong ZE to expand local production of tyres.

The project will create over 1800 jobs and bolster local manufacturing & supply chain.

This will contribute to reducing reliance on imports and strengthening Pakistan’s foreign currency reserves.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	167,089.28 109.91M	-0.21% -352.63
ALLSHR	101,117.40 308.32M	-0.15% -155.10
KSE30	49,841.71 50.59M	-0.28% -142.15
KMI30	240,372.43 78.75M	-0.02% -45.72
KMIALLSHR	65,518.16 188.07M	-0.05% -35.70
BKTi	46,228.77 7.60M	-0.60% -281.04
OGTi	33,974.66 4.20M	-0.27% -91.31

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	83,000.00	83,000.00 82,645.00	530.00 0.64%
BRENT CRUDE	104.54	105.09 102.33	0.26 0.25%
RICHARDS BAY COAL MONTHLY	128.50	0.00 0.00	0.75 0.59%
ROTTERDAM COAL MONTHLY	143.40	143.40 143.40	-1.15 -0.80%
USD RBD PALM OLEIN	1,167.50	1,167.50 1,167.50	0.00 0.00%
CRUDE OIL - WTI	91.66	92.17 90.01	0.17 0.19%
SUGAR #11 WORLD	20.27	20.44 20.09	0.12 0.60%