BYD, the prominent Chinese automotive conglomerate renowned as the world’s foremost electric vehicle (EV) manufacturer, engaged in discussions regarding the potential of Pakistan’s EV sector.
This revelation surfaced through a modified series of posts released by the Board of Investment (BoI) on Thursday. Initial posts hinted at BYD’s enthusiastic interest in investing in Pakistan’s EV sector, but these posts have since been removed.
The development follows a meeting between a delegation from BYD Company China, featuring Cai Xiao Xu, Head of the Dealer Division (South Asia), Lei Jian, Country Head (Pakistan), and Sohail Rajput, Secretary at BoI.
In a statement shared on X, formerly Twitter, the Fortune 500 company and global EV manufacturing leader BYD Company highlighted its substantial presence in key industries, including automobiles, rail transit, new energy, and electronics.
The ongoing exploratory visit to Pakistan by the BYD delegation, facilitated by BoI, includes pivotal discussions with potential local partners.
Secretary BOI, during the meeting, warmly welcomed the company’s interest, underscoring the significance of EVs in Pakistan.
He reassured the BYD delegation of the Government of Pakistan’s steadfast commitment to facilitating foreign investors.
BYD, recognised as the world’s largest EV manufacturer, produces a diverse range of vehicles, including battery-electric and hybrid cars, buses, and trucks, as well as battery-powered bicycles, forklifts, solar panels, and rechargeable batteries.
In the previous month, Dr Gohar Ejaz, the Caretaker Minister for Commerce and Industries, disclosed that BYD is actively considering investment opportunities in Pakistan.
During this period, the caretaker minister briefed the BYD delegation on government policies and the Special Investment Facilitation Council (SIFC), offering unequivocal support for their new ventures.
This move aligns with Pakistan’s strategic goal to expand its presence in the renewable energy sector, curtail its energy import expenditure, and fulfil climate change objectives.
Caretaker Prime Minister Anwaar-ul-Haq Kakar has separately extended an invitation to Chinese businesses to invest in Pakistan’s solar parks.