Leading
French car maker Renault and Al-Futtaim Group has signed an agreement to setup
a new state of the art car plant in Karachi to assemble and distribute Renault
vehicles in Pakistan, says a press release received from Paris here today.
This was disclosed in a Press Release
issued by Renault Group in Paris, today.
According to the Press Release, the
parties expect that the car plant would be built starting the first quarter of
2018 in Karachi while car sales are expected to commence in 2019.
Under the agreement, the Renault Group
would bring its latest products and technological know-how, while Al-Futtaim
through its new subsidiary Al-Futtaim Automatic Pakistan (Private) limited,
will establish a new manufacturing and assembly plant and exclusively
distribute Renault cars.
The Ambassador of Pakistan to France
Moin ul Haque welcoming the new termed it as an extremely positive development
which was an acknowledgement of Pakistan’s growing economic strength and
conducive investment environment.
Mr. Fabrice Cambolive, Senior Vice
President of Renault said ‘Renault Group is delighted to extend its
international footprints by entering Pakistan’. Mr. Len Hunt, President of
Al-Futtaim Group said that Pakistan offers one of the most dynamics
opportunities in the region.
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