Chinese tyre firm to invest $120m

Federal Minister for Commerce Jam Kamal Khan held a meeting with Jin Yongsheng, chairman of Service Long March Tyres (Private) Limited, and his delegation to discuss investment expansion, export growth and tariff policy support for Pakistan's tyre industry, according to an official statement issued on Thursday. During the discussion, the company announced an additional investment of $120 million in Pakistan, reaffirming its confidence in the country's industrial and economic potential. The delegation shared that the company is on track to achieve exports of $70 million by June 2026 and is aiming to cross $100 million in exports in the following financial year. This milestone would place it among Pakistan's leading non-textile exporters within a short span of operations. The meeting was informed that Pakistan has made significant progress in global tyre markets, with exports to the United States and Brazil increasing rapidly. Pakistan has emerged as the fifth-largest exporter of tyres to the United States and the seventh-largest to Brazil, marking a notable shift from virtually no presence in these markets just a few years ago. This growth has largely been attributed to the transfer of technology and expertise through collaboration with Chinese partners, which has enabled local manufacturing to meet international standards and compete globally. Khan acknowledged the concerns raised by the industry and reiterated the government's commitment to supporting sectors that demonstrate strong performance and export potential. He emphasised the importance of maintaining a balanced tariff policy that encourages local production while ensuring competitiveness. The minister noted that the government is working towards diversifying Pakistan's industrial base by promoting emerging industries with high growth potential. The delegation also highlighted the importance of the Pakistan-China industrial partnership, describing it as a key driver behind the rapid growth of the tyre sector. The company's manufacturing facility in Nooriabad was cited as a modern and efficient industrial unit employing about 2,000 workers and incorporating renewable energy solutions, making it one of the more sustainable production facilities in the region. Both sides agreed on the need to strengthen collaboration between the government and industry to support export-oriented growth and industrial expansion. The minister underscored that Pakistan must focus on diversification and leverage international partnerships to enhance its manufacturing capabilities and global competitiveness. The investors expressed confidence in Pakistan's economic outlook despite current global challenges and appreciated the government's continued engagement with the business community. The meeting concluded with a shared resolve to promote policy stability, encourage investment and position Pakistan as a competitive hub for manufacturing and exports in emerging sectors such as tyres.