Chinese auto manufacturer Skywell Automobile, will invest $50 million in Pakistan to launch electric buses in the country, informed Federal Minister for Science and Technology Fawad Chaudhry.

Talking to local media, the federal minister said that the abovementioned Chinese investment will be done in the first phase, while in the second phase manufacturing of the electric buses would be started.

The minister said electric buses would be operating in Pakistan from this year and will operate in Islamabad and Lahore.

Last week, a signing ceremony of Strategic Alliance Agreement between Daewoo Pakistan and Skywell Automobile, China, was held. Under the agreement, Skywell Automobiles China and Daewoo Express Pakistan will collaborate to introduce electric buses and other electric vehicles in Pakistan and create a technical support base in the country.

Explaining the agreement, Fawad said that an electrical vehicle's value chain will be set up in Pakistan, while the battery bus service is starting soon in Pakistan and when 5G service becomes functional also in Pakistan, various sectors will not be needed anymore.

Fawad Chaudary said this is not only going to give a boost to our economy but will also generate massive employment and investment opportunities.

The introduction of Electric Vehicles will help in flourishing an eco-friendly system and mitigate the effects of global warming, said the ministry in a statement.