Pakistan’s first all-steel radial truck/bus tire plant, Service Long March Tyres Pvt Ltd, kicked off production recently under China-Pakistan Economic Corridor (CPEC).
President of Pakistan Dr. Arif Alvi inaugurated SLM tire factory in Nooriabad, Karachi, and was satisfied with the growing investment in Pakistan. The factory has been set up with the joint efforts of Pakistani and Chinese investors cofounded by China’s Chaoyang Long March Tyre Co Ltd (CLMT) and Pakistan’s Service Industries Ltd.
The $250 million project mainly produces all-steel radial tires for trucks and buses, aiming to tap the robust demand of the transportation market.
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While addressing the occasion, the CEO of Service Long March, Usman Saeed, informed that SLM was the export-oriented company in the country, continuing that a huge share of the company’s profit was used for the well-being of the people in the country.
Dr. Alvi esteemed the Chinese government and its leadership and stated that there were numerous sectors like agriculture and auto in Pakistan where Chinese companies could invest, consequently benefiting both countries.
He further added that different steps had been taken to attract foreign investment and enhance export through value-addition in the country.
During the period of 2013-18, tires smuggling experienced a rise, but at present manufacturing in the country would help control the menace, the president remarked.
Moreover, Dr. Alvi praised the Governor State Bank of Pakistan (SBP), Dr. Reza Baqir, and said that he had done an incredible job by facilitating the business community in the country.
Additionally, Mr. Baqir stated that the Service Long March tire factory is a fruitful case for TERF. He claimed that the company used $50 million in financing to fulfill its capital needs and is currently expecting to reach annual exports of $300 million.
The facility gives concessionary refinance for establishing new industrial units. Refinance under the facility is accessible via banks and Development Financial Institutions to all sectors.