Business

Hyundai to assemble cars in Pakistan

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ISLAMABAD: Hyundai Motor Company plans to set up a car assembly plant in Pakistan in a joint venture with local textile firm Nishat Mills, an official from Nishat said on Friday.

Hyundai’s return to Pakistan will boost the government’s efforts to bring foreign investment in the country.

Hyundai and South Korea’s Kia Motor used to assemble cars in Pakistan until 2004 but withdrew after their local partner Dewan Farooque Motors Limited went bust.

It was not clear how much capital Hyundai, South Korea’s largest automaker, would itself invest in the Pakistani venture. Representatives for Hyundai could not immediately be reached for comment.

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