Midea Group, a Chinese electrical appliance manufacturer listed on Fortune Global 500, has officially entered the home appliances market in Pakistan.
According to details, Chinese Consul General Li Bijian kicked off the local production of Midea’s products during a ceremony held in Karachi on Tuesday.
Addressing the launch ceremony, the Chinese Consul General revealed that Midea will initially start operations with two products: microwave ovens and water dispensers.
He added that Midea Group has invested $1 million in Pakistan to set up its manufacturing plant. Overall, the company has invested $3.3 million in different ventures in Pakistan.
Underscoring Midea’s impact on Pakistan’s economy, the Chinese Consul General said that the country will save billions of rupees on its import bill and its trade deficit will shrink further.
Headquartered in Beijiao, Guandong, Midea was founded in 1968. The company employs hundreds of thousands of people in more than 200 subsidiaries in 60 overseas branches.
The company has a revenue of RMB 261.8 billion, operating income of RMB 25.5 billion, net income of RMB 20.2 billion, total assets of RMB 263.7 billion, and total equity of RMB 83.1 billion.
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