South korea Cars Comompany (KIA) to start assembling cars in Pakistan

 South Korea Cars Company  (KIA) to start assembling cars in Pakistan (CPEC NEWS):

South Korean car maker South Korea Cars Company  (KIA) Motor Co will start assembling cars in Pakistan, according to a local partner that is planning to invest Rs 12 billion ($115 million) to set up a plant and manufacture the South Korea Cars Company  (KIA) vehicles.

Karachi-listed Lucky Cement, which is part of the vast conglomerate Yunus Brothers Group, said in a statement on Thursday it planned to set up a new company to start "manufacturing, assembling" South Korea Cars Company  (KIA) vehicles.

It was not clear how much capital South Korea Cars Company  (KIA) itself would invest in the venture 

(CPEC NEWS)

.

Representatives for the South Korean company could not immediately be reached for comment.

South Korea Cars Company  (KIA) cars had been assembled by Pakistan in the past but disappointing sales led to a halt in manufacturing.

The new venture will also market and sell, besides import and export of, "all types of South Korea Cars Company  (KIA) vehicles, parts and accessories," Lucky Cement told the Pakistan Stock Exchange in a statement.

South Korea Cars Company  (KIA)'s re-entry into Pakistan will boost government efforts to shake up the Japanese-dominated car market and loosen the grip of Toyota, Honda and Suzuki, who assemble cars in Pakistan with local partners.

Last month, French car maker Renault agreed to invest in a new factory in Pakistan and official say they are talking to several other car makers.

The government believes increased competition should bring down exceptionally high car prices in Pakistan, and in March it introduced a new auto policy favoring new entrants into the market by offering generous import duties.

The incentives have angered existing market players, some of whom have said publicly they should get similar terms.

Pakistan, with a population of nearly 200 millions people, is a potentially huge market, but just 180,000 cars were sold in the 2014/2015 fiscal year.

That compares with more than 2 million passenger vehicles a year in neighboring India.(CPEC NEWS)

Motorway CPEC PROJECT:

 South Korea Cars Company  (KIA) to start assembling cars in Pakistan (CPEC NEWS):

South Korean car maker South Korea Cars Company  (KIA) Motor Co will start assembling cars in Pakistan, according to a local partner that is planning to invest Rs 12 billion ($115 million) to set up a plant and manufacture the South Korea Cars Company  (KIA) vehicles.

Karachi-listed Lucky Cement, which is part of the vast conglomerate Yunus Brothers Group, said in a statement on Thursday it planned to set up a new company to start "manufacturing, assembling" South Korea Cars Company  (KIA) vehicles.

It was not clear how much capital South Korea Cars Company  (KIA) itself would invest in the venture 

(CPEC NEWS)

.

Representatives for the South Korean company could not immediately be reached for comment.

South Korea Cars Company  (KIA) cars had been assembled by Pakistan in the past but disappointing sales led to a halt in manufacturing.

The new venture will also market and sell, besides import and export of, "all types of South Korea Cars Company  (KIA) vehicles, parts and accessories," Lucky Cement told the Pakistan Stock Exchange in a statement.

South Korea Cars Company  (KIA)'s re-entry into Pakistan will boost government efforts to shake up the Japanese-dominated car market and loosen the grip of Toyota, Honda and Suzuki, who assemble cars in Pakistan with local partners.

Last month, French car maker Renault agreed to invest in a new factory in Pakistan and official say they are talking to several other car makers.

The government believes increased competition should bring down exceptionally high car prices in Pakistan, and in March it introduced a new auto policy favoring new entrants into the market by offering generous import duties.

The incentives have angered existing market players, some of whom have said publicly they should get similar terms.

Pakistan, with a population of nearly 200 millions people, is a potentially huge market, but just 180,000 cars were sold in the 2014/2015 fiscal year.

That compares with more than 2 million passenger vehicles a year in neighboring India.(CPEC NEWS)