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.