SLM to invest in tyre facility in Pakistan; to double capacity

SLM to invest in tyre facility in Pakistan; to double capacityChinese-Pakistani joint venture Service Long March (SLM) Tyres is to invest around EUR80 million in its joint venture tyre production facility in Pakistan, to help create new job opportunities and increase its exports.

“Service Long March Tyres has committed a further investment to double its capacity and to increase exports to US$100 million in 2025,” the company said in a statement.

The announcement was made during Service Long March Tyres Chairman Jin Yongsheng’s meeting with Pakistan’s Prime Minister Shehbaz Sharif in the eastern city of Lahore recently.

SLM Tyres, a joint venture of Servis Group and Chaoyang Long March, is Pakistan’s first all-steel radial tyre manufacturer for trucks and buses.

During the meeting, Jin lauded the Pakistani government’s investment-friendly policies and appreciated measures to prevent smuggling, state-run APP news agency reported.

“Jin Yongsheng said that the new investment would help produce 1,000 new jobs whereas the company’s exports from Pakistan might also reach US$100 million annually by 2025,” according to a local news report.

SLM is owned 51% by Servis Group, 44% by Chaoyang Long March Co. Ltd. and 5% by Myco Corporation.

The venture has been given the status of Sole Enterprise Special Economic Zone (SESEZ) by Pakistan.