LAHORE: Joint ventures between Pakistani and Chinese tyre manufacturing companies are a good omen, said Prime Minister’s Adviser for Commerce and Investment Abdul Razak Dawood on Monday.

Talking to media after the signing ceremony between Pakistan’s Service Tyre Industries Limited (STIL) and China’s Chaoyang Long March Tyre Company Limited (CLMTCL), Mr Razak said that Phase-I of the $250 million project would begin in Karachi’s SITE area with $100m investment. Land has been purchased and design of the plant is also been initiated, he added.

He noted that 70 per cent of tyres manufactured under the STIL-CLMTCL agreement would be exported while the remaining would be supplied to the local market.

Published in Dawn, November 19th, 2019