The Board of Investment (BOI) has decided to allow China’s largest automobile manufacturer to work in Pakistan. The first private special economic zone (SEZ) will be established in Raiwind, Punjab. The Chinese Firm will set up Electric Vehicle Plant in Punjab.
During the committee meeting, the BOI granted admission to MG JW Automobile Pakistan Private Limited in JW-SEZ Raiwind as a ‘zone enterprise’. MG JW Automobile will establish an electric car manufacturing plant with foreign direct investment (FDI) of Rs. 663 million and local investment worth Rs. 637 million.
Chinese Firm to Set up Electric Vehicle Plant in Punjab
MG JW Automobile (MG Pakistan) is a joint venture between JW-SEZ (Private) Limited and SMIL, which is a subsidiary of SAIC Motor Corporation Limited. SAIC is a Chinese state-owned automotive design and manufacturing company headquartered in Shanghai with multinational operations.
It is the largest auto manufacturer in China and the seventh-largest in the world. In 2006, SAIC purchased the prestigious British brand Morris Garages (MG) and it is now marketing automobiles under that brand all over the world.
The BOI received the zone entry application of MG JW Automobile Pakistan through its recently launched ‘SEZ MIS Module’, which acts as a one-window for SEZs in Pakistan. The module is designed to facilitate real investors, from all corners of the world, in getting admission into SEZs while ensuring complete transparency.
BOI Chairman Atif R Bokhari stated that the initiation of the first private SEZ in Pakistan was a testament to the fact that the government is fully committed to facilitating private investors for speedy industrialization in the country.
Furthermore, BOI Secretary Fareena Mazhar said,
“The launch of SEZ-MIS Module is a leap into the digital future of SEZ-led industrialization.”
Source: Express Tribune