Pakistan-China tyre venture aims for $100m exports with $200m investment

July 08, 2023 (MLN): Service Long March Tyres (Pvt.) Limited, a Pakistan China JV, shared its plan to increase its investment in Chaoyang Long March Tyre to $200 million in order to meet the target of $100m exports and become the largest engineering goods exporter in Pakistan, Chairman Li Qinqwen revealed in a meeting with Prime Minister Shehbaz Sharif on Friday.

Chairman Li Qinqwen and CEO Omar Saeed called on PM Shehbaz Sharif at the PM office .

The PM thanked the Chinese investors for their confidence in Pakistan, and assured them of complete support from all departments.

The meeting was attended by SAPM Tariq Pasha, Secretary Commerce, Secretary Investment and Secretary Industries.

The Pakistan Business Council stated in a tweet that SLM tyres manufacturing bus and truck tyres for exports is an excellent example of TERF utilisation.

Contrary to misconception that TERF loans were free of cost, they were provided at 5% interest when the policy rate was 7.5%, it added.

Pakistan has no functioning DFIs that provide loans for 10 year tenor. TERF provided that window, albeit for a short period.

SLM Tyres is a joint venture between Servis Group and Chaoyang Long March.

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