World's leading car manufacturer coming to Pakistan
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ISLAMABAD - Since 2006, there have been reports that Renault is coming to Pakistan and now after 12 years, it is finally happening in part thanks to the Auto Development Policy (ADP) 2016-21 after the company, in partnership with Al-Futtaim Automotive Pakistan (Pvt) Ltd., availed the Greenfield Status.
This will allow the company to establish assembly units while the ADP will provide incentive-based growth opportunity.
Pascal Allizard, a French Senator confirmed this while addressing a press conference in Islamabad. He stated that Renault was keen to manufacture cars here and further said other businesses are excited to invest in various sectors of the economy.
The Senator is a member of a French delegation on a visit to Pakistan. They were briefed by members of Board of Investment (BoI) and have agreed to work together in various sectors. The Senator also remarked that Europe, including France, was strongly interested in China-Pakistan Economic Corridor (CPEC).
While the company had signed an MoU with UAE’s Majid Al Futtaim—an Emirati company – in 2017 to establish a manufacturing plant. However, work has been slow; Renault has bought land at M-3 Industrial area in Faisalabad’s special economic zone in June 2018, but work on it is yet to begin.