Chinese company keen to invest in automobile sector


Mian Arshad

Islamabad—Chinese Fonton Group, Friday, appreciated the pro investment policies of the government and showed keen interest in investing in manufacturing a range of automobiles in Pakistan. With fixed assets of over $4.77 billion and nearly 40,000 employees, Foton is ranked first in the global commercial vehicle industry in terms of production and sales. In 2015, Foton was ranked fourth in China’s auto industry and first in China’s commercial vehicle segment, with a brand value of 13.037 billion US dollars.
In a meeting with Finance Minister Ishaq Dar here a delegation of Fonton Group expressed keen interest in expanding operation as well as investment in Pakistan in automobile sector. Chairman Board of Investment and SA to PM on Revenue also attended the meeting. The Finance Minister welcomed the delegation and appreciated their plans for investment in Pakistan. He said that the government has earlier this year announced the new Auto policy for the next five years and encouraged the Chinese company to make use of the opportunities for investment offered under this policy, in consultation with the Chairman/MoS BOI.
In a separate meeting with a delegation comprising industrial exporters including representatives of APTMA, leather and rice associations Finance Minister encouraged the business community to fully utilize the broad incentives given by the government in the recent budget and the strategic trade policy and work for value addition.
The businessmen appreciated the incentives offered by the government to spur the growth in export sectors. The Minister said that exporters should gauge world trends and become competitive accordingly. He said that export led growth is a major government priority and every possible measure to enhance the capacity of exporters including encouraging import of modern machinery to increase exports is being undertaken.
The delegation gave their suggestions to increase exports and requested the government’s support. The Finance Minister said that further discussions on this will continue in an effort to formulate recommendations at the earliest for consideration of the Prime Minister.

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