Minister of Finance and Revenue Muhammad Aurangzeb addressed the BYD brand launch in Pakistan on Saturday, emphasising that the presence of a major global player can enhance the country’s export potential in the burgeoning electric vehicle market, the Finance Division said in a statement.
The Chinese company BYD, a global leader in electric vehicles and renewable energy solutions, has entered the Pakistani market, promising a new era of eco-friendly transportation.
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At the ceremony, the finance minister said: “We are ready to help, support, and assist in any way we can, but my only request is that you include Pakistan on the destination list for exports from Pakistan as well because that’s what we need.”
Aurangzeb welcomed BYD’s arrival, highlighting the company’s commitment to cutting-edge technology and environmental stewardship.
“BYD’s entry into our market is not just about introducing new vehicles; it’s about embracing a sustainable future and aligning with Pakistan’s environmental goals, of achieving energy efficiency,” Aurangzeb said.
He highlighted the importance of sustainable innovation for Pakistan’s future.
The minister also stressed that the government is committed to supporting such initiatives that will lead to both the advancement of green technology as well as the creation of new jobs and the advancement of automotive technology in the local economy.
Experts hail Chinese EV giant BYD’s entry to Pakistan market
Additionally, he added that the presence of a major global player like BYD could enhance Pakistan’s export potential in the burgeoning electric vehicle market, aligning with national strategies to increase high-tech exports and reduce trade imbalances.
The minister also asserted that the government and the industry stakeholders shall work together towards introducing such innovations that can contribute to the country’s sustainability goals and economic stability in the coming years.
BYD’s entry into Pakistan comes on the heels of its impressive global performance, having claimed the title of world’s top NEV seller in both 2022 and 2023.
The company recently celebrated the production of its 8 millionth new energy vehicle, a milestone achieved in just over three years since reaching the 1 million mark in May 2021.
BYD announced its strategic collaboration with Pakistan partner Mega Conglomerate (Private) Limited in March.
In June, HUBCO announced that its wholly-owned subsidiary (Hub Power Holdings) – through its associated company Mega Motor Company (Private) Limited – is entering into a new line of business in electric vehicles with BYD Auto Industry Company Limited.