Renault to start assembling cars in Pakistan by 2018

ISLAMABAD: Renault a French car manufacturing company would start assembling cars in Pakistan by 2018. As the result of Finance Minister Mohammad Ishaq Dar's hectic efforts and persuasion Renault has decided to invest in Pakistan.

This is another feather in the cap of Prime Minister Muhammad Nawaz Sharif's economic policy and vision, a statement issued by Board of Investment (BOI) here on Thursday said.

After approval of the policy Dr. Miftah Ismail held a number of meetings and made efforts to attract investment in Pakistan's auto sector. He met stakeholders of the sector in Pakistan and also visited abroad to lure in foreign companies. Dr. Ismail met foreign companies like Volkswagen, Peugeot, Renault and Nissan.

During Eid-ul-Azha holidays finance minister himself and Dr. Miftah Ismail visited France and met the top leadership of Renault.

The Economic Coordination Committee of the Cabinet headed by the finance minister constituted a committee to review the Auto Policy and recommend new measures for expansion investment and consumer protection in auto sector of Pakistan.

The committee was headed by Khawaja Muhammad Asif Minister for Water and Power and included Dr. Miftah Ismail Minister of State Chairman Board of Investment.

The committee held several meetings and interacted with all stakeholders and under the guidance of Khawaja Muhammad Asif, came up with new policy package to attract Greenfield investment as well as revive the existing closed auto units in the country.

The engineering side draft of the policy was prepared by Engineering Development Board whereas Dr. Miftah Ismail prepared financial part of the policy.