ISLAMABAD: French automaker Renault has decided to invest in Pakistan, special assistant to the prime minister and chairman Pakistan Board of Investment Miftah Ismail announced on Thursday.
Ismail, in his tweet, maintained that the auto giant showed ‘it’s confidence in the new auto policy and govt’s economic management’ and decided to invest in the country.
The French automaker Renault decides to invest in Pakistan. Showing it’s confidence in the new Auto policy and govt’s economic management. 1
— Miftah Ismail (@MiftahIsmail) November 3, 2016
Finance Minister Mr. Dar himself and Dr. Miftah Ismail had visited France and met the top leadership of Renault.
“As the result of Finance Minister’s hectic efforts and persuasion, Renault has decided to invest in Pakistan. They will start assembling cars in Pakistan by 2018,” said a press releases issued by board of investment in this regard.
A Renault spokesman in Paris confirmed the plans, saying the company “has entered into exclusive negotiations with Ghandhara and Al Futtaim Groups to develop the Renault brand in Pakistan, including a manufacturing plant on the Ghandara site in Karachi”.
Neither side gave a figure for the planned investment.
The French brand Renault produces cars and vans. Its alliance with Nissan makes it the world’s third largest automaker.
Renault has a very rich history in the automotive industry worldwide and has in the past manufactured autorail vehicles, trucks, tractors, vans and also buses and coaches.
Renault Group’s five best-selling cars