The Ministry of Industries and Production has signed a cooperation agreement with the International Finance Corporation that will promote investment in electric two and three-wheeler vehicles.

This advisory project will support policy, regulatory, and standards-related reforms to create an enabling environment for investment across the e2/3Ws value chain, helping to fill market gaps and remove legal and regulatory barriers.

As part of the partnership, IFC will provide technical implementation support and work with key regulators including the Engineering Development Board, National Energy Efficiency and Conservation Authority, and Pakistan Standards and Quality Control Authority to build institutional capacity and streamline the development of the e-2/3Ws market in Pakistan.

The signing ceremony was attended by senior government officials, policymakers, industry experts, and development partners.

Speaking on the occasion, Special Assistant to Prime Minister for Industries and Production Division Haroon Akhtar Khan said a conducive policy and regulatory framework will encourage local manufacturing and enable the uptake of electric two and three-wheeler vehicles.

He emphasized the need for concerted action to catalyze the adoption of electric vehicles in the country.

He noted that priority should be given to e-2/3Ws and electric buses, given their prevalence and socio-economic importance.