Five groups place application with Board of Investment to set up auto plants

KARACHI (Dunya News) – Five companies have shown interest in Pakistan along with local partners to set up auto plants, i.e. assembling series of vehicles ranging from small to large units like long or heavy trailers.

“The groups will bring billions of dollars in the country through investment in the auto sector”, said an official of the ministry of finance.

Five companies which showed intention to set up auto plants belong to China and Korea along with local partners, said Mifftah Ismail chairman Board of Investment from Islamabad.

The companies applied for auto plants in the country are Lucky Cement with KIA motors, Haier with Foton China, United Motors Lahore with China, Regal Motors with Chinese company and Pakistan China Motors Karachi.

The government has given tax exemption for five years to new entrants under the new auto policy.

Pak Suzuki which has recently through media reports informed that they have rolled back the 460 million dollars worth of investment plan in the country as the company wanted two year tax break to commence investment plan.