NOV DEC 2018

TRADE CHRONICLE
Automobile News
Meezan Bank to lend
Rs5.6 billion for auto plant
Pakistan’s leading Islamic financial
institution Meezan Bank has
agreed to arrange around six billion
rupees in financing for Hyundai
Nishat Motor (Private) Limited that
planned an auto manufacturing
plant in the country to serve the
300,000 units market.
Meezan Bank and Hyundai Nishat
Motor recently signed an
agreement for Rs5.66 billion
Islamic finance facility in Dubai,
according to.
Hyundai Nishat Motor is a joint
venture among three leading
international businesses, namely
Nishat Group, Sojitz Corporation
(Japan) and Millat Tractors Ltd. to
set up auto manufacturing plant in
the industrial estate of Faisalabad.
The plant spanning over an area of
70 acres has an estimated
investment outlay of more than
Rs15 billion. The project was
inaugurated in December last year
and its commercial operations are
scheduled to begin by the end of
2019. The project is being set up
u n d e r t h e A u t o m o t i v e
Development Policy 2016-21
announced by the government to
encourage green-field investment
in the auto sector that has thriving
auto demands of 250,000 to
300,000 in a year.
A delegation of Suzuki Motors Corp called on Prime Minister Imran Khan at PM Office Islamabad.
Pak Suzuki Motor to invest USD 460 million
for setting up a brand new plant
Abdul Razak Dawood, Advisor to
Prime Minister on Commerce,
Textile, Investment, Industries &
Production inaugurated the
ceremony for celebration of the
landmark occasion of 2 million
vehicles line-off at the plant of Pak
Suzuki Motor Co. Ltd. on
26thNovember, 2018.
Mr. Masafumi Harano, MD and CEO
Pak Suzuki welcomed the guests
a n d t h a n k e d t h e p r e s e n t
gover nment, especially the
Honorable Advisor to PM for his
dedication, hard work and sincerity
for the development of auto sector in
Pakistan.
He further informed that this year Pak
Suzuki will be producing around
144,000 units in line with the market
demand. In next couple of years, we
will be touching the production
capacity of our plant of 150,000
vehicles per year.
Mr. Osamu Suzuki, Chairman,
Suzuki Motor Corporation (SMC) –
Japan said that he is really grateful to
Pak Suzuki staff, vendors, dealers
and support of the Government,
without which 2 million vehicles
production could not have been
possible. He further said that Pak
Suzuki was the first to enter in
Pakistan automobile industry and
hope that Suzuki will contribute more
to the development of Pakistan auto
industry, as there was a past
background, and with that
b a c k g r o u n d w e w i l l k e e p
contributing in the development of
Pakistan auto industry.
Mr. Abdul Razak Dawood, Advisor to
PM, appreciated the efforts of Pak
Suzuki for the development of auto
industry in Pakistan and said that it is
a historical and remarkable
achievement by Pak Suzuki to
produce 2 million vehicles in
Pakistan. He said it is time to take
Pakistan auto industry to a new level
and emphasized that its global
supply network of Suzuki Motor
Corporation that can make it
happen.
He said that Suzuki is planning to
invest USD 460 million for putting up
a brand new plant. He assured that
the government of Pakistan will
make sure that Pak Suzuki will get all
the incentives and benefits which it
really deserves.
TRADE CHRONICLE - Nov.~ Dec. 2018 - Page # 33