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.
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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.
Hope Pakistan Save & Secure Foreign Investment
Thank to Nawaz Sharif and Ehsan Iqbal Auto policy of 2016-2021 but thank you Imran khan for not taking credit or taking revenge from those who are started by someone else, that’s what makes you Imran khan, simply bigger and better in vision and personality. .
That’s not fair… they should tie up with Chinese car maker instead
Renault deserves all the favors they’re asking for
they’re a top notch company and if you didn’t know already, they already have cars in India.
so shame on this stupid, local pakistani mentality of yours !
we should encourage as many of these big brands as possible, otherwise the inward transfer of technology will never happen !
Ajeeb demand hai suzuki to suicide krelga agar mil gyi extension..
haha !
i hope Suzuki leaves Pakistan for good !
it would be great to see other, better and more cheaper car makers take over their distribution network !
Suzuki will not, they will let others go. As they’ve had alliance with Toyota for providing and buying technology, as engines for Toyota small cars, and purchase hybrid, EV technology from Toyota, as per MOU in PP issue. The product made by Suzuki can always be flushed in the toilet, as they do not comply to any standards in the world as far as safety, QOS, technological updated.
Fingers crossed
The govt must do EVERYTHING possible to keep Renault in the fray !
they’re a very good carmaker from France and they can really up the standard of the stupid cars being made locally !
we should be thankful for Renault to consider coming here, it would be a huge milestone if they can set up a manufacturing plant here in the next couple of years or so !
Renault is the first international auto maker from EU which works on EU standards, be it local market or export. For that reason Suzuki all parts are made in Lalukhet in Kunda Bijli, they have not been able to opt., with EU Safety Standards for Suzuki. Not a single car is exported from Pakistan. The SEZ today and Renault which is forming an alliance with other EU company Fiat, Chrysler, Nissan the hybrid/EV at a very very low cost. Uber, Careem will engage all their production for years to be deployed in the Middle East region.