Memorandum of Understanding signed with Chinese company for manufacturing of electric buses in Pakistan

MoU signed between Go Go Motors and Shengtang Group for manufacturing of electric buses in Pakistan

Progress on Prime Minister Shehbaz Sharif's vision of Pak-China economic cooperation, memorandum of understanding signed between Go Go Motors and Shengtang Group for manufacturing of electric buses.

Ceremony of 77th anniversary of establishment of People's Republic of China under auspices of Pakistan China Business Forum was held in Islamabad in which government personalities, diplomats and others participated.

Purpose of ceremony was to strengthen economic cooperation between two countries and promote industrial development through investment. Advisor to Prime Minister for Industry and Production Haroon Akhtar Khan while addressing ceremony as chief guest said that longstanding friendship between Pakistan and China is based on mutual trust, respect and common interests.

He emphasized that in next phase of bilateral cooperation this historic friendship will have to be converted into concrete results in form of industrial investment, technology transfer, local manufacturing and increase in exports.

He said that vision of Prime Minister Muhammad Shehbaz Sharif is to convert Pakistan's economic potential into sustainable industrial development, productive employment and increase in exports. Government is determined to provide facilities to Chinese investors and promote business-to-business level cooperation so that interest in investment can be converted into viable and commercially effective projects.

Advisor highlighted role of Ministry of Industry and Production and said that ministry is providing facilities to Chinese business delegations through coordination with relevant ministries, institutions and Chinese embassy. In this regard meetings with potential Pakistani partners are being arranged and necessary administrative and institutional support is being provided to delegations in Islamabad, Lahore and Karachi.

According to Ministry of Industry and Production an important milestone of ceremony was signing of memorandum of understanding of proposed joint venture between Go Go Motors and Shengtang Group for manufacturing of electric buses in Pakistan. Aim of this initiative is to find opportunities for technology transfer, promotion of local manufacturing capabilities and manufacturing exportable vehicles under "Made in Pakistan".

Haroon Akhtar Khan said that sector of electric mobility provides important opportunities for Pakistan to expand manufacturing base, develop local supply chains and strengthen its position in modern automotive technology. He said that cooperation with Chinese companies can prove helpful in taking Pakistan towards more value-based production and creating employment opportunities for skilled workforce especially youth. He also reiterated government's commitment to facilitate investment in special economic zones, technology transfer, provision of applicable incentives and improving business environment for investors.