Karachi:
Pakistan has officially launched a Greenfield tire manufacturing project aimed at increasing local production and reducing reliance on imports. The project, set up with the support of the International Finance Corporation (IFC) and local banks, will be established in the Gharo region of Sindh under the Armstrong ZE Private Limited Company. The total investment in the project could reach up to $50.2 million.
This initiative aims to meet the growing demand in the local market while also boosting exports. The project is expected to create over 1,800 jobs and enhance sector competitiveness through technology transfer.
The introduction of internationally standardized tires produced locally is expected to improve the supply of affordable, high-quality products. This move also marks a significant step towards reducing import dependency and improving foreign exchange reserves.
The collaboration of international financial institutions in Pakistan’s development projects is seen as a positive sign for the country’s economic future. This project is poised to strengthen Pakistan’s economic position and enhance its global recognition.
The ongoing efforts by the IFC are contributing to economic growth, stability, and a brighter future for Pakistan.
4o mini
