Board of Investment Chairman Miftah Ismail has said foreign investment in the auto sector would further boost the economy of the country.
In an interview, he said under the new auto policy, the government intended to bring new foreign investment for car manufacturing.
The chairman informed that a French company is establishing a car production unit in Karachi.
The company will produce up to 30, 000 cars in the first phase and its capacity will be increased up to 50 thousand units.
Renault, a French car manufacturing company, is expected to start assembling cars in Pakistan by 2018.
The government was wooing foreign car makers like Renault and Nissan with generous import duties earlier this year.
After approval of Prime Minister Nawaz Sharif’s economic policy and vision, Special Assistant to the PM and Chairman of the Board of Investment (BoI) Miftah Ismail held meetings with stakeholders in Pakistan and foreign companies in the automobile sector, the BoI said in a statement released on Thursday.
Ismail met with foreign companies like Volkswagen, Peugeot, Renault and Nissan. During the Eid holidays, the BoI chairman and Finance Minister Ishaq Dar visited France and met Renault’s top leadership.
The Economic Coordination Committee of the Cabinet headed by the finance minister constituted a committee to review the Auto Policy and recommend new measures for expansion, investment and consumer protection in auto sector of Pakistan.
The committee was headed by Minister for Water and Power Khawaja Muhammad Asif and included Ismail.
The committee held several meetings and interacted with all stakeholders and came up with new policy package to attract greenfield investment as well as revive existing closed auto units in the country.
Miftah Ismail said many other companies of various countries are also taking interest to invest in the auto sector of the country.
Read more: Renault to start assembling cars in Pakistan by 2018, says Board of Investment
