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By APD writer Muhammad Sohail
**ISLAMABAD, Nov. 21 (APD) ** -- The French carmaker Groupe Renault has signed an agreement with the Al-Futtaim Automotive from the United Arab Emirates to assemble and distribute its vehicles in Pakistan, a statement said on Monday.
According to the statement, the Groupe Renault and Al-Futtaim signed “definitive agreements for the exclusive assembly and distribution of Renault vehicles in Pakistan.”
Fabrice Cambolive, senior vice president, chairman of the Africa Middle-East India Region of the Groupe Renault, said Renault is delighted to extend its international footprint by entering Pakistan, a fast-growing market with a 10 percent annual growth rate.
Under the agreement, Renault will bring its latest products and technological know-how to Pakistan, while Al-Futtaim, through its new subsidiary, Al-Futtaim Automotive Pakistan (Private) Limited, will establish a new manufacturing and assembly plant, and exclusively distribute Renault cars.
It is expected that the establishment of the plant will be started in the first quarter of 2018 in the country’s southern port city of Karachi, and car sales are planned to start in 2019.
“We aim at bringing our latest products and cutting-edge technology and set new benchmarks of safety and quality in the market,” Cambolive said, adding that Renault considered Pakistan a very important strategic growth market with a population of over 210 million.
Len Hunt, president of Al-Futtaim Automotive said the UAE-based company is “very excited to represent Groupe Renault, which is among the top automotive brands worldwide and a leading European car manufacturer”.
Al-Futtaim global automotive operations extend to 11 markets across the Middle East, Africa, and South Asia, and Pakistan represents one of the most dynamic opportunities in these regions, in particular, due to the new Automotive Development Policy of Pakistan.
Pakistan’s economy has undergone a huge transformation in recent years, in part because of the launch of China-Pakistan Economic Corridor, a flagship project of China’s One Belt and One Road Initiative.
Pakistan’s auto market is dominated by Honda, Toyota, and Suzuki. However, on 19 March last year, Pakistan introduced a new auto policy offering tax incentives to new automakers to establish manufacturing plants in the country. In response, Renault, Nissan, Kia Motors, Audi, Volkswagen, and Hyundai have expressed interest in entering the Pakistani market.
(ASIA PACIFIC DAILY)
