KARACHI:A memorandum of understanding has been signed to allow manufacturing of Chinese transport vehicles and related technology in Pakistan to reap the benefits of China Pakistan Economic Corridor (CPEC) project.
The Rawal Industrial Equipment and Malik Group of Companies entered into the agreement in this regard at a ceremony held here at a hotel. Chairman and CEO of Malik Group of Companies Malik Khuda Baksh and CEO of Rawal Industrial Equipment Farrukh Kamal signed the MoU.
Speaking on the occasion, Kamal said that his company had been formed some four years back in view of the increasing trade relations between China and Pakistan in the backdrop of the CPEC.
He said that assembly plant for the indigenous manufacturing of the transport vehicles and related technology was being established at Dawoodkhel in District Mianwali, which was situated on the route of the CPEC. The assembly plant will start its production by the end of current year.
He said that his unit would initially create up to 5,000 job opportunities. He said that one of the prime productions of his assembly plant would be luxury buses whose demand in the country would increase with tourism prospects increasing in Pakistan.
Baksh said that his company had entered into the agreement owing to a massive demand for buses for public transport in urban parts of Sindh including specialized vehicles required for the proposed Bus Rapid Transit System in Karachi.
“This is really need of the hour,” he said adding that he had been in contact with Sindh Transport Department to introduce such buses of Chinese-origin for public transportation service in cities like Karachi. Trucks, tankers, excavators, prime movers, earth moving machinery, and related technology will also be assembled at the plant, sources told PPI. Ayesha Malik, Director of Malik Group and Chinese investors also attended the ceremony.