ISLAMABAD: The Yamaha Motorcycle Manufacturing Plant would be inaugurated in Pakistan this April, according to the decision made during meeting of Finance Minister Mohammad Ishaq Dar with a high level delegation of Yamaha Motor Corporation in Tokyo.
The delegation, led by Senior Executive Officer, Motorcycle Business Operations, Katsuaki Watanabe briefed the Finance Minister about the progress of work on its motorcycle manufacturing plant.
Minister was informed that Yamaha President would also visit Pakistan to participate in the inaugural session of the plant.
The minister was informed that the plant would produce 31,000 units in the first year with a localization of 25 percent and achieve 55 percent localization in three years and 85 percent in five years.
This would bring new value to Pakistani market and increase the competitiveness of its industry, the delegation members said adding the company would initially focus on the domestic market and target exports at a later stage.
The Finance Minister while welcoming Yamaha Motors' decision to start business in Pakistan, said that Pakistan offered excellent business and investment opportunities with low labour costs, geographical proximity to the Middle East and Central Asian Republics and South Asia as well as incentives for foreign investors.
He assured the delegation that any issue faced by them would be resolved soon.
He asked the Yamaha delegation to further market Pakistan by spreading the word about Pakistan's investment conditions amongst other Japanese companies.
Among others, the meeting was also attended by Chairman, Board of Investment, Ambassador of Pakistan in Tokyo and other senior officials from the Ministry of Finance and Embassy of Pakistan.