Greenfield tyre manufacturing project aims to generate foreign reserves

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

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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.

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