Event Title: Chairman Senate Muhammad Sadiq Sanjrani Witnesses Groundbreaking MOU Signing Ceremony between TGOOD China and ReC Group of Pakistan
Event Date: 2023-10-25
Chairman Senate of Pakistan, Muhammad Sadiq Sanjrani, alongwith the Pakistani delegation, witnessed a Memorandum of Understanding (MOU) signing ceremony between TGOOD, a leading Chinese company, and the ReC Group of Pakistan in Beijing.
This collaboration has culminated in a strategic partnership agreement aimed at technology transfer in various domains, aligning with the sustainable green development initiative set forth by President Xi during the 3rd Belt and Road Forum. The partnership encompasses areas such as hydrogen vehicle technology, hydrogen filling station infrastructure, electric vehicle (EV) production, battery production and recycling solutions, and EV charging infrastructure development.
The backdrop to this transformative partnership lies in Pakistan's pressing needs for fuel security, an improved trade deficit, current account surplus, and a substantial reduction in pollution levels. Transport is a significant contributor to pollution in Pakistan, making it imperative for a transition to alternative fuels. However, Pakistan has been facing a challenging conundrum, with the lack of charging stations restricting the adoption of alternative fuel vehicles, while limited investments in such infrastructure are primarily due to the scarcity of such vehicles.
TGOOD, a global leader in EV charging infrastructure with an impressive base of 316,000 EV charging station units and approximately 20,000 stations, has set itself apart through its unique approach.
The joint venture with REC Group in Pakistan signifies a significant step forward. TGOOD's commitment to expanding in Pakistan, facilitated by integrators within REC Group, is underpinned by a comprehensive Strategic Partnership Framework Agreement, encompassing full technology transfer. In addition to electric vehicles, TGOOD will also spearhead the development of hydrogen fueling infrastructure in Pakistan. The joint venture is poised to explore regional export opportunities for the products manufactured in Pakistan.
The joint venture's primary mission is to tackle the catch-22 situation that has hindered the transition to alternative fuels in Pakistan. Through strategic investments in EV components, recharging stations, and export-driven growth, the partnership aspires to resolve these challenges and stimulate the development of a sustainable and green transportation ecosystem in Pakistan.