2017 has been a promising year for the automobiles industry in Pakistan, with various prominent car manufacturers showing interest. Quite a few agreements were signed and the The Hyundai Nishat Motor Ltd partnership is one of them.
The Hyundai Motor Company had entered into an agreement for a joint venture with one of the biggest textile tycoons in Pakistan, Nishat Mills. It which was announced by a representative from Nishat Mills himself, as the company secretary stated, “Today we have signed a memorandum of understanding between the two companies and we will set up a … project for the assembly and sales of both passenger and commercial vehicles,”
The Hyundai Nishat Motor Ltd recently signed an investment agreement with the Ministry of Industries and Production to start their operations.
The ground-breaking ceremony for Hyundai Nishat Motor Ltd’s assembly plant took place at Faisalabad’s M3 Industrial city on 20th of December and Prime Minister Shahid Khaqqan Abbasi performed the groundbreaking. The Prime minister, while addressing the ceremony, said, “The path to progress has continued. This is manifestation of the trust the investor has in Pakistan’s policies.”
While further details regarding the manufacturing of vehicles are still awaited, representatives from Nishat Mills did confirm that the production would start within two years.