In an anxious effort to save something from a fading auto-policy, government has given Five automakers Greenfield investment status..The Greenfield investment status is given under the Automotive Development Policy 2016-21 and it comprises of Five automakers counting Hyundai, Kia, Regal Automobiles, Khalid Mushtaq Motors and United Motors.It is expected that with the Automotive Development Policy 2016-21,they are expected to fetch investments of over $800 million to Pakistan.
As per the Engineering Development Board (EDB), it is lending a hand to fresh investments in the auto sector from new companies as well as the joint ventures with foreign auto makers as well. It is predictable that with the revitalization of Dewan Farooque Motors, which has been specified the go-ahead to produce vehicles under the Brownfield investment category, will soon be re-launching the Shehzore pick-up trucks.
Daehan Dewan Motor will produce Ssangyong Tivoli SUV with an investment of $145 million. It has also been taken into consideration that the case of Ghandhara Nissan, which is setting up to commence Datsun in Pakistan with an investment of approximately $41 million.
In view of the proclamation of the five-year auto policy in March 2016, big auto makers from South Korea, Germany and France have been swiftly drawn into the Pakistani automotive market. Kia and Hyundai have by now started working on their assembly plants at the same time as Volkswagen and Renault have by now announced their strategy to set up plants in the country.
The automotive industry of Pakistan will soon be finally seeing the tough competition in automobile sector as companies like Hyundai, Volkswagen, Kia and Renault will start manufacturing from 2019. As per to EDB, it has by now facilitated investments amounting to $531 million and the whole sum will be crossing over $800 million after more proposals.
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