Three Companies Get Approval To Set Up Car Assembly Plants in Pakistan
The federal government has officially granted permission to three new companies for setting up car assembly plants in Pakistan.
These companies are set to bring $372 million investment in collaboration with local partners. According to the secretary Khizar Hayat Gondal, the Ministry of Industry and Production (MIP) has approved licenses for United Motors Private Limited, Kia-Lucky Motors Pakistan Limited and Nishat Group under the Greenfield investment category.
Hyundia, Kia and More
He also said that these companies will bring a total investment of $372 million. Kia-Lucky Motors will invest $190 million, the biggest sum, followed by Nishat Group with $164 million and United Motors at $18.1 million.
Nine companies were eager for setting up shop in Pakistan however only three of them have received the required approvals until now. The secretary states that the documents submitted by other companies are being looked into.
The news comes mere days after the Prime Minister dissolved the Engineering Development Board (EDB) due to corruption and for stopping new car manufacturers from entering Pakistan.
“The government of Pakistan is pleased to award the Category-A Greenfield Investment Status to United Motors (Pvt) Limited for assembly/manufacture of vehicles covered in the exclusive contract agreement.”