KARACHI (Dunya News)- In a major setback to Japanese-dominated automobile industry in Pakistan, Ministry of Industry and Production on Wednesday has granted approval to three new non-European conglomerates to set up car assembly plants in Pakistan.
The companies include United Motors Private Limited, Kia-Lucky Motors Pakistan Limited and Nishat Group while their applications have been approved under Greenfield investment category. The three conglomerates would invest mammoth $372 million to set up manufacturing/assembly plants in Pakistan.
According to details available, United Motors will invest $18 million for construction of manufacturing plant. Nishat group would invest $164 million while the Kia-Lucky motors would invest largest sum of $191 million.
“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,” stated a notification issued by the Ministry of Industry.