Karachi: Service Long March (SLM) Tyres, Chinese-Pakistani joint venture intends to invest an additional Rs 30 billion (108 million dollar) in Pakistan to expand its operations in country.

Development was shared by SLM’s parent company Service Industries Limited in notice to Pakistan Stock Exchange. As per notice, SLM shared its development plans during meeting between Prime Minister Shehbaz Sharif and company’s Chairman Jin Yongsheng and CEO Omar Saeed. “Service Long March Tyres has committed further investment of Rs 30 billion to double its capacity and to increase exports to $ 100 million in 2025,” company said in statement. “SLM has also shown intent to invest further amount of Rs 30 billion to start new project exporting specialised tyres from Pakistan to EU and USA,” it added. Authorities in Pakistan remain keen to attract foreign direct investment, which has dwindled significantly in recent years citing deteriorating law and order situation and political instability.

SLM is an all-steel radial truck and bus (TBR) Tyre manufacturing company in Pakistan and was set up through JV between Servis Group and Chaoyang Long March of China.