Reports: General Tyre Pakistan planning US$200 million investment in new factory
General Tyre and Rubber Company of Pakistan Limited is planning to invest around US$200 million on a new plant, local government officials told The News International on Saturday 2 February.
The expansion plans will see the tyre manufacturer build a new facility within the Special Economic Zone (SEZ), being established in Faisalabad, Punjab as part of the China-Pakistan Economic Corridor (CPEC).
“The government should provide us level playing field by controlling smuggling, under-invoicing, and ensure the stability of policies,” Hussain Kuli Khan, CEO/MD GTR Pakistan told journalists, adding: “If these issues are addressed then we have a huge capacity to create thousands of jobs and generate billions of rupees worth of revenue for the government to help boost economy.”
According to the report, 35 per cent of Pakistan’s tyre demand is met through imports, while smuggling makes up 45 per cent.
General Tyre currently produces 2.5 million automotive and one million motorcycle tyres annually most of which supplies original equipment manufacturers. Furthermore, according to the report, the company is in talks with the likes of Kia Motors, Renault, and Hyundai with regards to meeting their future tyre demands.