A China-backed joint venture has announced a $120 million expansion plan in Pakistan’s tyre sector, aiming to scale up production and push exports beyond $100 million during the next fiscal year.    The announcement came from Jin Yongsheng, chairman of Service Long March Tyres (Private) Limited, during a recent meeting with Commerce Minister Jam Kamal.    An announcement said the delegation informed the prime minister that the company was on track to achieving an export target of $70 million by June and aimed to cross $100m during the next financial year.    PM Shehbaz    said efforts were underway to provide all possible support to investors through the Special Investment Facilitation Council.    The delegation was also informed that the Board of Investment was facilitating the company across various sectors, including support for establishing a development zone at Nooriabad, in Sindh.Pakistan has emerged as the fifth-largest exporter of tyres to the United States and the seventh-largest to Brazil, marking a notable shift from virtually no presence in the two countries just a few years ago.         This growth is being attributed to transfer of technology and expertise through collaboration with Chinese partners. It has enabled local manufacturers to meet international standards and compete globally. (ICE ISLAMABAD)

Fonte notizia: dawn