BYD, a Chinese auto conglomerate and the world’s largest electric vehicles (EVs) manufacturer, is considering investment opportunities in Pakistan, said Dr Gohar Ejaz, Caretaker Minister for Commerce & Industries.

Taking to social media platform X, formerly known as Twitter, Dr Ejaz on Thursday stated: “Had a productive meeting with BYD, the global leader in EVs. They’re considering investment opportunities in Pakistan.”

The caretaker minister informed the BYD delegation about the government policy and Special Investment Facilitation Council (SIFC).

“Promised full backing for their new ventures,” said Dr Ejaz.

The development comes as Pakistan seeks to increase its footprint in the renewable energy sector, reduce its energy import bill and meet climate change goals. Days ago, caretaker Prime Minister Anwaar-ul-Haq Kakar invited Chinese businesses to invest in Pakistan’s solar parks.

Earlier, the United Energy Group of China and Pakistan Refinery Limited on Wednesday signed a Memorandum of Understanding for the investment worth $1.5 billion in the petroleum sector.

The MoU will help increase the petrol production capacity of the refinery from 250,000 metric tons to 1.6 million metric tons and high-speed diesel from 0.6 million metric tons to 2 million metric tons.

The petrol and high-speed diesel, processed at the refinery, would prove to be an alternative to the costly imported fuel.

Moreover, Chinese and Pakistani companies also signed a MoU to enhance chilli production in Pakistan on Wednesday.

As per the MoU, the Pakistani side will provide land for farming and industry, labor, and other related facilities to set up a complete package, while the Chinese side will provide technology and investment and will buy chilli from Pakistan.