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A French Auto Business delegation, currently on a visit to Pakistan to
explore the opportunities and possibilities to invest in Pakistan held a
meeting with Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation &
Investment here today.
Talking to the delegation Dr. Abdul Hafeez Shaikh said that Pakistan was
trying hard to promote and further strengthen the existing relations with
France. There was a lot of scope for French business groups to invest in
various sectors of economy particularly in the Auto mobile industry, where our
domestic production has increased and we were experiencing shortage while the
companies engaged in the sector were making huge mark up, he said.
The Minister while welcoming the initiative by the group said that Pakistan
offered open and equal opportunities to the local and foreign investors in all
sectors of economy without any discrimination and any restriction on equity or
its repatriation.
Earlier, the delegation members Mr. Luc-Alexandre Menard, Senior Vice
President International Division, Renault, Mr. Sylvain Bilaine, designate
representative of Renault Plant in Pakistan accompanied by Ms. Francoise
Maylie Deputy Head of French Mission to Pakistan while appreciating the
economic and investment policies of Pakistan said that the normalization of
relations with India was a new and historic chapter towards the progress and
stability in the South Asia region.
Elucidating the investment plan by the group, they said that Renault intended
to introduce Renault Logan in Pakistan market by establishing assembling plant
of Logan Car in Pakistan with a production capacity of 15000 automobiles per
year and creating in Pakistan a pole of excellence allowing export of car
components from Pakistan to all Renault factories related to this particular
type of vehicle. The project will attract 40 million Euro investment with 600
job opportunities. The worldwide production of Logan will be c1.2 million cars
by year 2010. The company has extended its production to central Europe, Asia
and South Africa.