Chinese automaker JW Forland’s $150 million assembly plant has been inaugurated in Pakistan. Prime Minister Imran Khan attended the launch ceremony held in Islamabad on Friday evening.
Speaking on the occasion, PM Khan welcomed the Chinese company’s investment in Pakistan and said that the new project will create five thousand jobs in the first phase.
He said that the government was fully facilitating the foreign investors to secure maximum investment in the country.
PM Imran said the arrival of dollars in the shape of investment would help reduce the balance of payment crisis and would also improve the economic overhaul.
Earlier, on Friday morning, Finance Minister Asad Umar had announced the news in a tweet.
In his tweet yesterday, he said that the auto sector has been gaining substantial new investment. The government’s ultimate goal is to make Pakistan a regional hub for manufacturing auto parts and ultimately automobiles, said the minister.
Umar further stressed that the deindustrialization of Pakistan should be reversed. His tweet says,
Launch event of the 150 million $ jw forland auto project tomorrow. Auto sector getting significant new investment. Ultimate goal is to make Pakistan a regional hub for manufacturing auto parts and ultimately automobiles. We must reverse the deindustrialization of Pakistan…
— Asad Umar (@Asad_Umar) November 29, 2018
Notably, the auto sector of Pakistan is witnessing a new high. Only last week, the minister had announced that Suzuki Motors is interested in investing $450 million to expand car production in Pakistan. Making this announcement, he tweeted:
“Excellent day from a foreign investment perspective. Global Chairman Suzuki motors visited & expressed interest in investing 450 million$ to expand car production in Pak & world’s biggest energy company Exxon mobile re-opened their office in Pak 27 years after leaving the country.”
Moreover, Volkswagen, the world largest automobile manufacturer, has also signed an agreement to set up an assembly plant in Pakistan.
JW Forland Comes to Pakistan
The company confirmed its entry into Pakistan and announced to start manufacturing and assembling its vehicles locally from May 2018. The sale of its initial introductory units was well received in the market.
JW Forland Automotive also inaugurated its assembly plant six months ago in Lahore, Punjab. The company claims to aim at manufacturing environment-friendly and fuel-efficient vehicles in Pakistan along with generating more jobs locally.