Pakistani and Chinese Companies sign joint venture to manufacture tires

ISLAMABAD, Pakistan: Pakistani and Chinese Companies on Wednesday signed an agreement to jointly manufacture tires, which will not only help Pakistan reduce its import bill but export of tires will build up its foreign exchange reserves.

While addressing the Sino-Pakistan Tire Manufacturing Joint Venture’s Signing Ceremony between M/s Doublestar MSD Tire & Daewoo Pakistan Express Bus Service Limited in Islamabad, Prime Minister Imran Khan welcomed the Chinese investment in different sectors and said that Pakistan will encourage more Chinese investment by providing them an enabling environment.

The prime minister said that several agreements have already been signed with China, and the China-Pakistan Economic Corridor (CPEC) provides the platform to further bolster the economic partnership between the two Countries.

Imran Khan said that the Country’s economy has been stabilized as a result of measures taken by the present government. He said that the current account deficit has been curtailed and the rupee has also stabilized. He added that the positive sentiments are now also visible in the stock market.

The prime minister was confident that Pakistan will achieve higher growth rate than the one projected for the current fiscal year. He said that we are giving incentives to the construction to uplift this important sector of the economy. He added that we are also extending facilities to the investors.

The prime minister said that world institutions including the International Monetary Fund (IMF), the Asian Development Bank (ADB) and the World Bank have also endorsed that Pakistan is heading in the right direction. He said that the World Bank has improved our ease of doing business ranking by 28 points.

However, he stressed that our next challenge is to provide job opportunities to the youth by bringing in the investment. For this, he said that we will fully facilitate the investors.