A Chinese conglomerate, Optima Integration Group (OIG), has joined hands with Pakistan’s Asiapak Investments Limited to invest in the country’s agricultural and electric vehicle (EV) sector. Both firms claim that their partnership will aid in enhancing trade activities between Pakistan and China.
According to a media report, both companies signed a Memorandum of Understanding (MoU) in the presence of officials from the Board of Investment (BoI). As a part of the agreement, OIG will invest $50 million in the first phase to develop agriculture power and logistics sectors in Gwadar and Karachi.
The partnership will also offer more than 100 jobs, besides setting up a high-tech processing facility along with technology transfer. A senior official of BoI told the media yesterday that this venture will create developmental opportunities and employment for the people of Karachi and Gwadar.
The company didn’t mention the production timeline or target segment for its electric vehicle. However, given that its primary focus is agriculture, it will likely produce cars for that sector.