The Government has granted permission to three new companies to set up car assembly and manufacturing plants in Pakistan. The Ministry of Industry and Production allowed United Motors Private Limited, Kia-Lucky Motors Pakistan Limited and Nishat Group for assembling and manufacturing of vehicles under the Green field investment category, Quoted khizar Hayat Gondal , Federal Secretary for Ministry of Industries and Production.
The companies with the collaboration of their partners will invest 372 million US dollars in the automotive industry of Pakistan. Kia Lucky will be investing 190 million US dollars, Nishat Group 164 million US dollars and united motors will invest 18.1 million US dollars.
All three companies would be bound to sign agreements with Ministry of Industries and Production to adhere to compliance guidelines of the Automotive Development Policy 2016-2021.
Entry of the new players in the automotive industry in Pakistan is welcomed by the market analysts and consumers. According to the experts these new players will help in breaking the monopoly of the Japanese dominated cars in the market as a healthy competition is expected after their arrival.
( Developing Story)