JW and Forland have collaborated to produce cargo trucks and special purpose vehicles in Pakistan.
The launch event was held on Friday. The $150 million project has been launched with the ultimate goal to make Pakistan a regional hub for manufacturing auto parts and automobiles, said Finance Minister Asad Umar in a tweet on Thursday.
With the launch of the project, there will be technology transfer from China to Pakistan. “Progress only starts after the technology is transferred,” said Prime Minister Khan. He said that schools will be formed, where the technicians will be able to acquire skills. “We will produce cars which can eventually be exported,” Khan remarked.
This is not the first time vehicles will be produced in Pakistan, but it is the first time vehicles will be produced for commercial use. Adam Group Company had produced and assembled the first car in Pakistan, Revo. The production has been discontinued now. The United Group produces rickshaws and has announced a plan to start assembling cats too.
Related: Dollar sees highest-ever rise, jumps to Rs143.5
Earlier in the day, the dollar saw a Rs9.5 rise jumping to Rs143.5 in the interbank market. This is the highest ever level the dollar has reached and the highest intraday gain in its history.
Khan said that the people don’t need to worry about it. “We didn’t have enough dollars before but we are working on bringing more dollars into the economy,” he said, adding that such investments will benefit Pakistan in the long term.
The biggest problem facing our government is the current account deficit. “This means that there is a Rs18.5 billion deficit between the things we are selling and the things we are buying,” Khan said.
Prime Minister Imran Khan said that the people need to change their mindset. “We need to ease the hurdles for the people who wish to invest.” He remarked that investment creates more jobs and brings in dollars.