MG JW Automobile Pakistan has signed a Memorandum of Understanding (MoU) with Bangladesh's Rancon Group to export locally-assembled vehicles to Bangladesh, expanding automotive cooperation between the two countries.

The MoU was signed in Islamabad in the presence of Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan. Under the agreement, MG JW Automobile Pakistan will export 100 locally-assembled vehicles to Bangladesh during the current year, with total exports projected to reach 5,800 vehicles over the next four years.

Speaking after the signing ceremony, Haroon Akhtar Khan said the agreement is expected to expand Pakistan's automotive exports. He further added that the partnership is expected to generate foreign exchange earnings, promote local manufacturing and support the government's export-led industrial strategy.

He further added that, under the leadership of Prime Minister Muhammad Shehbaz Sharif, Pakistan is pursuing policies aimed at promoting exports, strengthening local manufacturing, attracting investment and creating a business-friendly environment for industry.

Khan also said the government is finalising a comprehensive Auto Policy focused on increasing vehicle exports, enhancing localisation and strengthening the country's automotive manufacturing base.

The SAPM said Pakistan's automotive sector has expanded its quality standards, localisation and production capacity, enabling locally manufactured vehicles to compete in international markets. He added that the government will continue to support industries that contribute to exports, employment generation and technological development.

Muhammad Mostafizur Rashid Bhuiyan, Executive Director of Rancon Group, said the partnership would increase competition in Bangladesh's automotive market while providing consumers with access to vehicles manufactured in Pakistan. He added that Pakistan's automotive industry meets international manufacturing standards and has export potential.

MG JW Automobile Pakistan Chief Executive Officer Jianqiang Shao said the company remains committed to expanding vehicle exports from Pakistan to regional and international markets. The signing ceremony was also attended by Amir Nazir, Chief Operating Officer of MG JW Automobile Pakistan, senior government officials, representatives of both companies and members of the business community.

The Government of Pakistan said it remains committed to promoting industrial development, increasing exports and supporting the country's automotive manufacturing sector.