Service Long March Tyres has committed a further investment of Rs 30 billion to double its capacity and to increase exports to $100 million in 2025.
According to a notice sent to the Pakistan Stock Exchange (PSX) on Monday, Service Long March Tyres has also shown an intent to invest Rs 30 billion to start a new project exporting specialised tyres from Pakistan to European Union (EU) countries and the USA.
Service Long March Tyres is a joint venture project which manufactures and sells all steel radial trucks, buses, light trucks and off-the-road tyres in Pakistan.
Service Industries Limited and its subsidiary, Service Global Footwear Limited, hold 32.09% and 18.91% equity stake, respectively, in Service Long March Tyres.”
Furthermore, Chairman Jin Yongsheng and CEO Omar Saeed called on Prime Minister Shehbaz Sharif to thank him for the government’s support to the tyre industry.
The prime minister promised continued support from all departments and instructed relevant ministries to help export-led growth in the country.
The meeting was attended by the Finance Minister, Commerce Minister, Minister for Privatisation and Investment, Information Minister, Secretary to PM, Secretary of Commerce and Secretary BOI.
