Advisor to Prime Minister on Commerce and Industry, Abdul Razak Dawood, has assured his full support and cooperation in resolving issues faced in the Al Futtaim-Renault investment of $165 million.
Faisalabad Industrial Estate Development and Management Company (FIEDMC) held meetings on Thursday to facilitate Al Futtaim Group in setting up Renault car plant at M-3 special economic zone (SEZ) in Faisalabad.
The meetings discussed matters pertaining to Auto Policy 2016-2021 and the extension in Special Economic Zones (SEZ) incentives. During the meeting, PM’s advisor assured full support to the investors. He also asked for firm commitments from Al Futtaim regarding its investment in Pakistan.
The company has already procured 67 acres of land at the M-3 industrial city SEZ in Faisalabad. However, the project faces a delay because of the extension in SEZ and the auto policy timelines.
The investors are now asking for an extension till 2023 in the auto policy that expires in 2021. They also want an extension of 10-year tax holiday under the SEZ incentives.
According to a government official present in the meeting, the talks between the government and Al Futtaim representatives may enhance the confidence level in investors and result in the early start of the plant.
Chairman FIEDMC Kashif Ashfaq, CEO FIEDMC Ammer Saleemi, CEO Al Futtaim Automotive Pakistan Ltd. Shahid Hussain, and CFO Al Futtaim Group Dubai, Ihtasham Malik, attended the meeting.