KARACHI, FEB 03, (DNA) – The economic growth in the country has started paying off and following the improvement in the security situation and the government s offer to provide tax breaks for the foreign investors, several foreign companies have expressed interest in establishing their units in Pakistan.

In a major development in the auto industry today (Friday), Nishat Mills signed an agreement with Hyundai to set up an assembling plant in the country.

Agreement has been signed between Nishat Mills and Hyundai Motor Company of South Korea and Sojitz Corporation Japan for negotiating and establishing a framework for setting up a green field project for plant’s assembly and sales of passenger and one ton range commercial vehicles in Pakistan.

The establishment of the assembling unit would be commenced following statutory and regulatory approvals.

According to the market sources, the investment would range from 400 million dollars to 500 million dollars. After completion of the paperwork, the plant would be established within two to three years.

Sources revealed that some Chinese companies have also shown interest in investing in the country s auto sector. Companies namely FAW and Foton Automobile Companies are keen to invest in Pakistan.=DNA

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