Fozia Azam

The Board of Investment (BOI) has invited Russian company Yango to invest in the manufacture of e-bikes in Pakistan, reports WealthPK. Amid the increasing fuel prices and carbon emissions, the government is promoting the use of e-bikes. So far, 22 companies have been issued licenses for the manufacturing of e-bikes. As per statistics, ordinary motorbikes consume estimated USD3 billion worth of petrol annually. As Yango’s digital urban mobility services are now operational in Pakistan, it is expected that the company will also consider investing in other areas of mutual interest including e-bike manufacturing.

The government is working to promote foreign direct investment and also considering different proposals, including an electric bike scheme for which subsidies and bank financing would be provided to promote the use of e-bikes in the country. As per a report, the Ministry of Industries and Production has proposed a subsidy plan of Rs17.5 billion to encourage the purchase of these comparatively costlier bikes. It is worth mentioning that earlier this month, Yango company head Anton Zykov met the BOI officials and showed interest in making investment in digital urban mobility services.

The BOI invited Anton Zykov to invest in other potential areas of internet as well including e-bike manufacturing, as the current government focused on promoting the use of electronic vehicles to save fuel and minimize the import bill. According to a BOI official, investment by an international company such as Yango is a significant step towards diversifying Pakistan’s economy and attracting investment in various sectors.

The start of Yango services is part of the BOI’s commitment to bring more foreign direct investment in Pakistan. Besides creating ample job opportunities, the initiative will also help digitalize the country’s transport infrastructure. Currently, Yango services are available in Lahore. The company is currently operating in 33 countries across Europe, Africa, the Middle East, and South America, offering a wide range of services, including ride-hail, food tech, delivery, and e-commerce.

Credit: Independent News Pakistan-WealthPk