Finance Minister Muhammad Aurangzeb has said Chinese electric carmaker BYD made a significant entry into the Pakistani market, promising a new era of eco-friendly transportation, reported 24NewsHD TV channel.

Chinese electric carmaker BYD Co plans to build a factory in Karachi with a local partner to capture a share of Pakistan’s growing EV market.

The Minister expressed this while attending the BYD Brand Launching in Pakistan on Saturday and addressed the event. The BYD is a global frontrunner in electric vehicles and renewable energy solutions.

Finance Minister welcomed BYD’s arrival, highlighting the company’s commitment to cutting-edge technology and environmental stewardship. He said BYD’s entry into our market is not just about introducing new vehicles but it is about embracing a sustainable future and aligning with Pakistan’s environmental goals, of achieving energy efficiency.

Finance Minister Aurangzeb further emphasized that the government is committed to support such initiatives that will not only advance green technology but will also provide a significant boost to the local economy by creating new job opportunities and fostering technological advancements in the automotive sector.

He said 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.