In Pakistan’s first private special economic zone (SEZ), Raiwind, China’s largest car producer is preparing to begin production of electric vehicles.
The Board of Investment accepted MG JW Automotive Pakistan Pvt Ltd as a ‘zone company’ in the JW-SEZ, Raiwind, during a SEZ Committee meeting in Islamabad. The corporation plans to spend Rs663 million in foreign direct investment and Rs637 million in local investment to produce electric vehicles.
According to officials, BoI received MG JW Automobile Pakistan Pvt. Ltd’s “Zone Entry Application” via its newly launched “SEZ MIS Module,” which serves as a one-stop shop for SEZs in Pakistan. The module is intended to make it easier for real investors from all around the world to obtain access to SEZs while retaining total transparency.
By 2030, the government aims for hybrid vehicles to account for 30% of all new automobiles, trucks, coaches, vans, and jeeps, as well as 50% of all two-, three-, and four-wheelers. Electric cars are expected to account for 90% of all vehicles on the road by 2040.
Although Chinese automakers favor a quick transition to electric cars, Japanese automakers want the government to take the path taken by India, Thailand, and Malaysia, where both electric vehicles and hybrid (including plugged-in hybrid) electric vehicles are permitted to compete.
