Chinese B2B firm to invest $50 million in Pakistan
The federal government has recently offered very high interest rate to overseas Pakistanis on their investments in digital accounts. PHOTO: FILE
Following betterment in ease of doing business in Pakistan, many international companies have expressed their intention to invest in the country and a handful of them are gearing up to pour initial investment.
A Chinese internet-based business-to-business (B2B) platform has announced plans to inject $50 million into Pakistan to facilitate local retailers of building material.
Under the investment plan, Global Building Material (GBM) would open its first branch in Lahore in December and also launch a mobile app to facilitate the business community, announced GBM Pakistan General Manager David Wei at a press briefing on Tuesday.
“Additionally, the company will establish a comprehensive digital port zone in Karachi, which will include a warehouse, digital centre, data centre and logistics department,” he said.
“Lahore is the most suitable city for the development of the firm as it fits the company’s positioning.”
According to the general manager, the enterprise aims to empower retail stores of building material in a bid to enable them to expand their business and enhance profit through the use of internet.
He recalled holding meetings in the Ministry of Housing and Works, Ministry of Commerce, Board of Investment and other agencies to discuss the company’s investment plans.
Giving details of the mobile application, he said that retailers could check the supply of goods and place orders from home. “If there is any problem, the retailers can directly consult online.”
He added that the company offered high-quality Chinese hardware and building material at low prices.
Published in The Express Tribune, December 15th, 2021.
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