ADM group plans $250m investment in Pakistan

The ADM Group has shown its keenness in investing an amount of 250 million dollars in Pakistan for manufacturing of electric vehicles to provide ecological-friendly automobiles to local consumers. The interest was shown by ADM Group Chief Executive Officer Yasir Bhambhani during his meeting with Minister for Industries and Production Rana Tanveer Hussain in Islamabad today. ADM Group Chief Executive Officer said charging network station would be established in the first phase of the project, while manufacturing of electric vehicles will commence in the second phase. He said the electric vehicles will have a range of 300 kilometers on a single charge. Speaking on the occasion Rana Tanveer Hussain said the government is ready to facilitate direct foreign investment in the country and his ministry is committed to collaborating closely with all relevant stakeholders to ensure a smooth process. Emphasizing the importance of green energy, he said electric vehicles have become a reality. Rana Tanveer highlighte d the benefits of electric vehicles, including their lower cost compared to traditional vehicles and fuel savings. Source: Radio Pakistan