ISLAMABAD: ADM Group Chief Executive Officer (CEO) Yasir Bhambhani on Thursday said that the ADM Group was keen to invest $250 million in Pakistan for the manufacturing of electric vehicles (EVs)and setup EV charging stations to provide ecological-friendly automobiles to local consumers.
In a meeting with Federal Minister for Industries and Production Rana Tanveer Hussain, he said the first phase of the project charging network station would be established, followed by the manufacturing of electric vehicles in the second phase. He said the electric vehicles will have a range of 300 kilometres on a single charge.
The minister said the government is ready to facilitate direct foreign investment in the country, and the Ministry of Industries and Production is committed to collaborating closely with all relevant stakeholders to ensure a smooth process. He emphasised the importance of focusing on green energy, adding that electric vehicles have become a reality.
The minister assured the CEO of ADM group that the government of Pakistan will resolve all the problems being faced by the group including securing permission from local petrol station operators including “Pakistan State Oil,” Shell and others, to install charging stations at their premises.
The minister was informed that the group has faced some serious problems in installing the charging stations in Pakistan as it has transported the machinery to Pakistan in January 2024 but despite offering financial benefits and incentives, ADM Group had encountered delays and difficulties in obtaining the necessary approvals.
Rana Tanveer while acknowledging the benefits of electric vehicles, including their lower cost compared to traditional vehicles and fuel savings, said that all the hurdles will be removed.
In October 2023, the ADM Group signed a memorandum of understanding (MoU) to expand the nation's electric vehicle charging infrastructure, actively supporting the government's goal of encouraging the use of electric vehicles in Pakistan.
The ADM Group will oversee the operations, develop the site and install the electric vehicle charging equipment throughout the course of the following three to five years. The first project involves the establishment of an EV charging station network throughout the country. This project requires a budget of $100 million and aims to install 3,000 charging units countrywide. The second project entails setting up an EV manufacturing facility with an investment budget of $150 million. These projects are of strategic importance and have the potential to create substantial economic and employment opportunities for Pakistan.
Recently, the government of Pakistan adopted a programme to encourage the utilisation of battery-powered vehicles as a greener method of transportation in Pakistan. The government wants 30 percent of new cars sold in Pakistan by 2030 to be environmentally friendly. The ADM Group joined forces to support the objective and policy.
Bhambhani stated; EVs are being promoted on numerous fronts, including through new federal and provincial policies and by public commitments from automakers to convert their fleets to EVs.
ADM Group is a reputable investment company with a diverse portfolio. They have made significant investment in various sectors including hospitality, hotels, trading, import and export, real estate worldwide and now entering in the field of manufacturing of EVs. Their expertise and commitment to contribute to Pakistan’s development make them invaluable partner for economic progress.
Copyright Business Recorder, 2024