A delegation of a Russian technology company called on Malik Amin Aslam, the Advisor to the Prime Minister on Climate Change, to discuss the potential of investing in the electric vehicle industry of Pakistan. According to a statement issued by the Press Information Department (PID), the meeting was held in the Board of Investment on Wednesday, September 11 with the chairman of ExpoBank, Igor Vladimirovich Kim.
During the meeting, Kim expressed interest in working in the electric vehicle industry by employing nanotubes. Nanotubes are a unique class of materials that can be used for a range of purposes ranging from reinforcement to enhancing conductivity. Nanotubes are currently being used in many different areas including electric batteries, construction materials, LED screen, solar panels, plastics, tires, conductors and even clothes.
The ExpoBank Chairman highlighted that this technology could be used to minimise energy losses and improve efficiency by reducing the mass of car parts.
Welcoming the investment, Aslam said that emissions from vehicles remain one of the largest contributors to air pollution and the government is working on materializing its policy on electric vehicles to tackle the issue.
With the inception of Toyota’s hybrid car Prius in 2000 followed by Elon Musk’s luxury electric sports cars in 2006, electric cars have attracted attention around the world. However, they have remained a largely foreign concept on the roads of Pakistan. In a bid to counter global warming and climate change, the Government of Pakistan plans to introduce electric cars in the country and has unveiled a draft policy.
The advisor remarked that the policy could be approved within a couple of weeks. He said, “Pakistan is a huge market for two and three wheelers and there is immense potential for investment.”
Alam also highlighted the advantages to investing in Pakistan and the initiatives taken by the government to attract foreign investors. He said, “We want to make Pakistan a hub for right-hand-drive electric vehicles all across the world. Proposed policy will offer tariff incentives in order to make electric vehicle prices at par with conventional vehicles.”
Kim appreciated the efforts taken by the government and showed keenness to work in Pakistan.