Pakistan-China sign MoU to manufacture tyres

November 13, 2019 (MLN): PM Imran Khan has addressed the MoU signing ceremony between Pakistan and China today. Pakistani company, Daewoo Pakistan Express Bus Service Limited and Chinese Company, Doublestar MSD Tyres signed a joint venture to manufacture tyres.

PM thanked to Mr Sheheryar for bringing investment and Chairman of Doublestar MSD Tyres.  He said that Pakistan used to import or smuggle tyres. Now it is in the position to manufacture them or even can export in future. He encouraged the import substitution industrialisation.

On the macro front, he briefed that the economic situation was bad in the past; the current account deficit was the burden for the economy which depreciated the rupee against the dollar. 

PM apprised that the economic environment has improved a lot. The government had taken tough decisions for stabilizing the economy. The contraction in CAD, increase in foreign reserves and stability in exchange rate bring positivity for the whole economy, even positive market sentiment reflecting in the stock market.

Speaking of ease of business, he said that Pakistan ranked at 136^th in the Doing Business 2019, improved 11 notches from the Doing Business 2018.

With regards to economic challenges, the govt focuses to provide employment opportunities to young people. For that, the government needs to bring investment opportunities. He said that govt is providing incentives to the construction industry to uplift the sector.

PM thanked his economic team, Board of Investment and Ministry of Commerce for stabilizing the economy.

He concluded his address by talking about the long-term relationship of Pakistan with China. Pakistan is looking forward to working with China in more projects.

Copyright Mettis link News