Aurangzeb says on BYD’s NEV launch occasion: Plan launched to revitalize economy

LAHORE: In a bid to revitalize the economy, the government has launched a comprehensive plan to achieve economic stability and growth, driven by private sector investment, export-led development, and foreign direct investment.

These views were expressed by Finance Minister Muhammad Aurangzeb at the launching ceremony of BYD the world’s leading New Energy Vehicle manufacturer, in partnership with Mega Motor Co, here Saturday.

Former Prime Minister Shahid Khaqan Abbasi was also present on the occasion Aurangzeb said with a focus on macroeconomic stability, structural reforms, and international trade, Pakistan is poised to become an attractive destination for investors and a hub for regional economic growth.

Chinese giant BYD partners with HUBCO subsidiary to introduce EVs in Pakistan

“In a significant move towards economic stability and growth, the government of Pakistan, under the leadership of Prime Minister Shahbaz Sharif, is prioritizing macroeconomic stability and structural reforms”, Aurangzeb said.

He said the government has achieved notable successes in stabilizing the currency, increasing foreign exchange reserves, and reducing the policy rate. These efforts have led to an improved sovereign rating, making Pakistan an attractive destination for investment.

He further said the government is committed to supporting the private sector, recognizing its crucial role in driving economic growth. The administration’s mantra is “the government has no business being in business,” emphasizing the need for policy framework and continuity.

The recent investment by BYD, a leading Chinese company, in Pakistan’s automotive sector is a shining example of private sector-led growth. The government welcomes this investment and encourages BYD to make Pakistan a export hub.

Aurangzeb also said the government is focused on achieving export-led growth through Foreign Direct Investment (FDI). It recognizes the need to move away from import substitution and towards a road to market approach, with FDI leading to export growth.

Pakistan is poised to tap the international capital markets, with the government urging investors to consider the country as a destination for investment and exports.

“The government is committed to creating an environment conducive to economic growth, led by the private sector. With macroeconomic stability, structural reforms and a focus on export-led growth, Pakistan is poised for a brighter economic future,” Finance Minister concluded.

Earlier, BYD, the world’s leading New Energy Vehicle manufacturer, in partnership with Mega Motor Co, hosted an experiential launch event at the Lahore Expo Centre. At the event, the company showcased its long-term vision for Pakistan and commitment to lead the automotive revolution towards sustainable mobility.

During the event, three highly anticipated models, which will soon be launching in Pakistan, were unveiled: BYD Sealion 6, BYD Seal, and BYD Atto 3. This event marks BYD’s official brand launch into the Pakistani passenger vehicle market, in partnership with Mega Motor Company, and underscores its brand mission of “Technological Innovations For A Better Life.”

BYD first announced its formal entry into the Pakistani market in March 2024, and this launch event was intended to showcase the brand and the core NEV technologies that BYD will bring to the local market. The three models showcased at the event represent the company’s latest advancements in new energy vehicle technology, each designed to meet the diverse needs of Pakistani consumers by offering superior performance, cutting-edge features, and a commitment to a greener future.

Speaking on the occasion, Liu Xueliang, General Manager of BYD Asia Pacific Auto Sales Division, expressed his enthusiasm about the company expanding its global reach, stating: “As the world moves toward a sustainable future, BYD is proud to be at the forefront of this transformation. Our entry into the Pakistani market is not just about bringing advanced vehicles to consumers; it’s about driving a broader vision of environmental responsibility and technological innovation. We believe that our new energy vehicles will play a crucial role in shaping a cleaner and more prosperous future for both Pakistan and the world.”

Aly Khan, Chief Executive Officer of Mega Motor Co., commented, “Our vision is simple yet ambitious: to drive Pakistan’s future with sustainable mobility. We aim to lead the revolution alongside the world’s foremost NEV manufacturer, BYD, transforming how Pakistanis commute, from the cars you drive, to where you charge them, to where the energy used to charge them comes from.

Our commitment goes beyond our customers and serves a wider national interest. Pakistan faces increasingly pressing environmental issues like air pollution and climate change and we want to tackle these challenges head-on, aligning with the UN Global Sustainable Development Goals (SDGs) and playing our part in fulfilling the government’s vision of increasing the number of new energy vehicles on roads while reducing the use of fossil fuel.“

Speaking on the occasion, Kamran Kamal, Chief Executive Officer of the Hub Power Company Limited said, “In our pursuit of a sustainable future, we are proud to partner with BYD, the Global New Energy Vehicle Sales Leader.”

Kamran added: “To bring BYD’s vision to life, we are establishing three state-of-the-art flagship stores and experience centers in Karachi, Lahore and Islamabad to showcase our commitment to quality and customer satisfaction and mirror global standards while catering to local preferences. In a landmark investment, we will establish Pakistan’s first NEV assembly plant, a state-of-the-art CKD facility dedicated to producing BYD’s cutting-edge NEVs.”

Coinciding with the launch, Kamran Kamal also announced the creation of Hubco Green – an initiative that will fasten the green mobility revolution in Pakistan. “Under the umbrella of Hubco Green, we are proud to announce the setup of fast-charging stations across major cities, motorways, and highways, giving our customers comfort and confidence throughout their journey.”

This movement, started by BYD and Mega Motor Company will also create new jobs, stimulate economic growth, and strengthen Pakistan’s energy independence. The launch event featured a variety of attractions, highlighting BYD’s commitment to providing exceptional customer experiences and its dedication to environmental sustainability.

The showcase included interactive exhibits and experiential zones such as the ‘Charging Zone’, offering insights into BYD’s fast charging technology to ease range anxiety; the ‘Sustainability Zone’, highlighting BYD’s vision of ‘cooling the earth by 1 degree’ and promoting a sustainable future for Pakistan; the ‘Tech Zone’, displaying BYD’s DM-i Super Hybrid, e-Platform 3.0, and BYD Blade Battery, along with facts about their technological contributions.

These zones helped connect guests with BYD’s vision and the benefits of New Energy Vehicles, while also creating an immersive experience that showcased the company’s advanced technology and innovative solutions for a greener tomorrow.

This launch marks the beginning of revolution in sustainable transportation for the country, promising a cleaner, greener, and more technologically advanced future. With BYD’s commitment to excellence and Mega Motor Co.’s local expertise, the future of driving in Pakistan looks brighter than ever.

Copyright Business Recorder, 2024