Pakistani company GU GO Motors and China's Shengtang Group have signed a memorandum of understanding for a proposed joint venture to manufacture electric buses in Pakistan. The MoU was signed on Wednesday in Islamabad at a Pakistan-China Business Forum event marking the 77th anniversary of the founding of the People's Republic of China.
According to the Ministry of Industries and Production and the state news agency APP, the venture aims to promote technology transfer, build local manufacturing capability and explore production of export-ready vehicles under the Made in Pakistan banner. The value of the venture and a production timeline were not disclosed.
Haroon Akhtar Khan, the prime minister's adviser on industries and production, who attended as chief guest, said the next phase of Pakistan-China cooperation must deliver industrial investment, technology transfer, manufacturing and export growth. He said electric mobility offered Pakistan a chance to develop local supply chains, adopt advanced technology and create jobs.
He also stressed investment in Special Economic Zones, predictable policies and streamlined regulations. The Express Tribune reported that about 150 dignitaries and a 14-member Chinese business delegation attended.
Earlier, The Nation reported, a Shengtang Group delegation told Khan it was interested in signing a $10 million MoU and exploring investment in industrial development, infrastructure, tourism, electric vehicles, railways, energy and urban development. Khan told the delegation that about 40 per cent of Pakistan-China joint ventures and MoUs had reportedly entered the implementation phase.